Rondeyvoo

Sheet Index

# Worksheet

1 Fund Need
2 Snapshot
3 Assumption
4 Revenue Model
5 Profit & Loss Account
6 Balance Sheet
7 Cashflow
8 Expense Summary
9 Salary
10 Dep.
11 Repayment
12 DCF
13 DCF ASSUMPTION
 Rondeyvoo
Fund Type: Equity
Quantum of Fund Required (Rs): 175,000,000

Application of Fund Amt in INR Timeline of Utilisation of Fund

Marketing & Advertising 52,500,000 From 01/04/2025 To 31/12/2026

Business Expansion 87,500,000 From 01/04/2025 To 31/12/2027
Other Operating Cost 35,000,000 From 01/04/2025 To 31/12/2027
Total 175,000,000
Fund by Owner -

Fund Utilization
20%
30%

Marketing & Advertising

Business Expansion
Other Operating Cost

50%
 Amt in INR
Profit & Loss Account 2025 2026 2027 2028 2029
Revenue 209,880,000 655,000,000 1,333,351,700 2,574,345,105 5,007,399,597
% Growth in revenue 0.00% 212.08% 103.57% 93.07% 94.51%
Gross Profit 90,248,400 229,250,000 466,673,095 901,020,787 1,752,589,859
Gross Profit to Sales % 43.0% 35.0% 35.0% 35.0% 35.0%
EBIT -39,815,540 -26,107,200 28,300,344 159,489,274 448,662,435
EBIT to Sales % -19% -4% 2% 6% 9%
EBITDA -37,874,540 -24,219,000 30,247,584 161,347,342 450,210,583
EBITDA to Sales % -18% -4% 2% 6% 9%
Net Profit After Tax -39,815,540 -26,107,200 20,942,255 118,022,062 332,010,202
Net Profit % -18.97% -3.99% 1.57% 4.58% 6.63%

CashFlow 2025 2026 2027 2028 2029

Net Cash Flow from Operating Activities -51,292,132 -49,044,613 -19,166,461 59,711,683 219,980,980
Net Cash Flow from Investing Activities -6,470,000 -1,765,000 -2,085,000 -1,650,000 -825,000
Net Cash Flow from Financing Activities 175,010,000 - - - -
[A+B+C] 117,247,868 -50,809,613 -21,251,461 58,061,683 219,155,980

Balancesheet 2025 2026 2027 2028 2029

Assets
Non Current Assets 4,529,000 4,405,800 4,543,560 4,335,492 3,612,344
Current Assets 146,461,439 135,931,063 186,649,929 376,375,913 853,668,976
Total Assets 150,990,439 140,336,863 191,193,489 380,711,405 857,281,320

Liabilities
Shareholders Fund -39,805,540 -65,912,740 -44,970,485 73,051,577 405,061,779
Non Current Liabilities 175,000,000 175,000,000 175,000,000 175,000,000 175,000,000
Current Liabilities 15,795,979 31,249,603 61,163,974 132,659,828 277,219,541
Total Liabilities 150,990,439 140,336,863 191,193,489 380,711,405 857,281,320
 Amt in INR
Model Period Ending 2025 2026 2027 2028 2029 Constant

Corporate Tax Rate 26%

Accounts Payable days 45 45 45 45 45
Accounts Receivables days 30 15 15 15 15
Laptop 70,000
Printers 10,000
Office Equipment 5,000

Expenses 2025 2026 2027 2028 2029 Note

Marketing & Advertising 30% 19% 16% 14% 12% Of Revenue

Development/Technology & Platform Costs 5,000,000 10% 10% 10% 10% growth of Year 2026
Logistics & Fulfillment 5% 8% 9% 9% 9% Of Revenue
Office & Admin Costs 2,400,000 10% 10% 10% 10% growth of Year 2026
Miscellaneous Expenses 0.05% 0.05% 0.05% 0.05% 0.05% Of Revenue
REVENUE MODEL
Particular 2025 2026 2027 2028
Months-> 12 12 12 12
Amt in INR

2029
12
PROFIT AND LOSS ACCOUNT Amt in INR
Particular 2025 2026 2027 2028 2029
Revenue 209,880,000 655,000,000 1,333,351,700 2,574,345,105 5,007,399,597
COGS 119,631,600 425,750,000 866,678,605 1,673,324,318 3,254,809,738
Gross Profit 90,248,400 229,250,000 466,673,095 901,020,787 1,752,589,859
43% 35% 35% 35% 35%
Expenses
Marketing & Advertising 62,964,000 123,250,000 210,975,425 358,499,836 621,795,042
Development/Technology & Platform Costs 5,000,000 5,500,000 6,050,000 6,655,000 7,320,500
Logistics & Fulfillment 10,494,000 54,662,500 115,148,210 226,202,037 452,327,091
Office & Admin Costs 2,400,000 2,640,000 2,904,000 3,194,400 3,513,840
Miscellaneous Expenses 104,940 327,500 666,676 1,287,173 2,503,700
Manpower Cost 47,160,000 67,089,000 100,681,200 143,835,000 214,919,103
Total Expenses 128,122,940 253,469,000 436,425,511 739,673,445 1,302,379,276

EBIDT -37,874,540 -24,219,000 30,247,584 161,347,342 450,210,583

EBIDT % -18% -4% 2% 6% 9%
Depreciation 1,941,000 1,888,200 1,947,240 1,858,068 1,548,148
EBIT -39,815,540 -26,107,200 28,300,344 159,489,274 448,662,435
Interest - - - - -
EBT -39,815,540 -26,107,200 28,300,344 159,489,274 448,662,435
TAX - - 7,358,089 41,467,211 116,652,233

PAT -39,815,540 -26,107,200 20,942,255 118,022,062 332,010,202

-18.97% -3.99% 1.57% 4.58% 6.63%
BALANCESHEET Amt in INR
Particular 2025 2026 2027 2028 2029

EQUITY & LIABILITIES

Shareholders' Fund
Capital 10,000 10,000 10,000 10,000 10,000
Reserves & Surplus -39,815,540 -65,922,740 -44,980,485 73,041,577 405,051,779
Sub Total -39,805,540 -65,912,740 -44,970,485 73,051,577 405,061,779

Non Current Liabilities

Fund Equity 175,000,000 175,000,000 175,000,000 175,000,000 175,000,000
Sub Total 175,000,000 175,000,000 175,000,000 175,000,000 175,000,000

Current Liabilities
Trade Payables 15,795,979 31,249,603 53,805,885 91,192,617 160,567,308
Other Current Liabilities & Provisions - - 7,358,089 41,467,211 116,652,233
Sub Total 15,795,979 31,249,603 61,163,974 132,659,828 277,219,541

TOTAL 150,990,439 140,336,863 191,193,489 380,711,405 857,281,320

ASSETS
Fixed Assets
Net Block 4,529,000 4,405,800 4,543,560 4,335,492 3,612,344
Current Assets
Cash & Bank Balance 117,247,868 66,438,255 45,186,793 103,248,477 322,404,457
Trade Receivables 17,250,411 26,917,808 54,795,275 105,795,004 205,783,545
Inventories 11,963,160 42,575,000 86,667,861 167,332,432 325,480,974
Loan and Advances - - - - -
Sub Total 146,461,439 135,931,063 186,649,929 376,375,913 853,668,976

TOTAL 150,990,439 140,336,863 191,193,489 380,711,405 857,281,320

Net Working Capital 13,417,592 38,243,205 80,299,161 140,467,608 254,044,978

Change - - - - -
Marketing Cost Amt in INR
Particulars 2025 2026 2027 2028 2029

Social Media Ads 17,629,920 34,510,000 59,073,119 100,379,954 174,102,612

SEO & Content Marketing 7,555,680 14,790,000 25,317,051 43,019,980 74,615,405
Performance Marketing 17,629,920 22,185,000 37,975,577 64,529,971 111,923,108
Email & SMS Marketing 7,555,680 14,790,000 25,317,051 43,019,980 74,615,405
Influencer & Celebrity Endorsements 12,592,800 24,650,000 42,195,085 71,699,967 124,359,008
Online Parenting Communities - 12,325,000 21,097,543 35,849,984 62,179,504
Total 62,964,000 123,250,000 210,975,425 358,499,836 621,795,042
- - - - -
EXPENSES SUMMARY Amt in INR
Particulars 2025 2026 2027 2028 2029

Marketing & Advertising 62,964,000 123,250,000 210,975,425 358,499,836 621,795,042

Development/Technology & Platform Costs 5,000,000 5,500,000 6,050,000 6,655,000 7,320,500
Logistics & Fulfillment 10,494,000 54,662,500 115,148,210 226,202,037 452,327,091
Office & Admin Costs 2,400,000 2,640,000 2,904,000 3,194,400 3,513,840
Miscellaneous Expenses 104,940 327,500 666,676 1,287,173 2,503,700
Manpower Cost 47,160,000 67,089,000 100,681,200 143,835,000 214,919,103
Depreciation 1,941,000 1,888,200 1,947,240 1,858,068 1,548,148
 CASHFLOW STATEMENT Amt in INR
Particular 2025 2026 2027 2028 2029

A] CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit After Taxes & Extraordinary Items -39,815,540 -26,107,200 20,942,255 118,022,062 332,010,202
Adjustments for :
Depreciation 1,941,000 1,888,200 1,947,240 1,858,068 1,548,148

Operating Profit Before Working Capital Changes -37,874,540 -24,219,000 22,889,495 119,880,130 333,558,350
Adjustments for :
Change in Working capital 13,417,592 24,825,613 42,055,956 60,168,447 113,577,369
Cash Inflow/Outflow from Operations [A] -51,292,132 -49,044,613 -19,166,461 59,711,683 219,980,980

B] CASH FLOW FROM INVESTING ACTIVITIES

Purchase/Sale of Fixed Assets 6,470,000 1,765,000 2,085,000 1,650,000 825,000

Net Cash Flow from Investing Activities [B] -6,470,000 -1,765,000 -2,085,000 -1,650,000 -825,000

C] CASH FLOW FROM FINANCING ACTIVITIES

Proceeds From Capital 10,000
Proceeds From Long Term Borrowings 175,000,000
Net Cash Flow from Financing Activities [C] 175,010,000 - - - -

Net Increase/Decrease in Cash & Cash Equivalents 117,247,868 -50,809,613 -21,251,461 58,061,683 219,155,980
[A+B+C]

Cash & Cash Equivalents at the beginning of the year - 117,247,868 66,438,255 45,186,793 103,248,477

Cash & Cash Equivalents at the end of the year 117,247,868 66,438,255 45,186,793 103,248,477 322,404,457
 EMPLOYEE BENEFIT EXPENSES Amt in INR
Positions 2025 2026 2027 2028 2029
Months-> 12 12 12 12 12

1] Management Team
Average Monthly Salary 200,000 220,000 242,000 247,000 252,000
No of employees 2 2 3 3 3
Annual Salary 4,800,000 5,280,000 8,712,000 8,892,000 9,072,000

2] Online Sales
A. For Flipkart Sales Person
Average Monthly Salary 25,000 27,500 30,250 33,275 36,603
No of employees 2 4 4 4 4
Annual Salary 600,000 1,320,000 1,452,000 1,597,200 1,756,920

B. For Amazon Sales Person

Average Monthly Salary 25,000 27,500 30,250 33,275 36,603
No of employees 2 4 4 4 4
Annual Salary 600,000 1,320,000 1,452,000 1,597,200 1,756,920

C. For Firstcry Sales Person

Average Monthly Salary 25,000 27,500 30,250 33,275 36,603
No of employees 2 4 4 4 4
Annual Salary 600,000 1,320,000 1,452,000 1,597,200 1,756,920

D. For Meesho/Others Sales Person

Average Monthly Salary 25,000 27,500 30,250 33,275 36,603

No of employees 2 4 4 4 4
Annual Salary 600,000 1,320,000 1,452,000 1,597,200 1,756,920

E. Senior Manager
Average Monthly Salary 50,000 55,000 60,500 66,550 73,205
No of employees 1 2 2 2 2
Annual Salary 600,000 1,320,000 1,452,000 1,597,200 1,756,920

Total Online Sales Salary 3,000,000 6,600,000 7,260,000 7,986,000 8,784,600

3] Offline Sales
A. Sales Officers
State & Uts 23 25 28 37 37
Average Monthly Salary 25,000 27,500 30,250 33,275 36,603
No of employees 46 63 84 111 130
Annual Salary 13,800,000 20,625,000 30,492,000 44,322,300 56,880,285

B. Regional Managers
Average Monthly Salary 75,000 82,500 90,750 99,825 109,808
No of employees 2 2 3 4 5
Annual Salary 1,800,000 1,980,000 3,267,000 4,791,600 6,588,450

C. National Sales Manager

Average Monthly Salary - - 150,000 165,000 181,500
No of employees - - 1 1 1
Annual Salary - - 1,800,000 1,980,000 2,178,000

Total Offline Sales Salary 15,600,000 22,605,000 35,559,000 51,093,900 65,646,735

3] Platform
A. Tech Lead
Average Monthly Salary 125,000 137,500 151,250 166,375 183,013
No of employees 1 1 1 1 1
Annual Salary 1,500,000 1,650,000 1,815,000 1,996,500 2,196,150

B. Tech Analyst
Average Monthly Salary 80,000 88,000 96,800 106,480 117,128
No of employees 5 7 9 11 13
Annual Salary 4,800,000 7,392,000 10,454,400 14,055,360 18,271,968

C. Business Analyst
Average Monthly Salary 100,000 110,000 121,000 133,100 146,410
No of employees 2 1 1 1 1
 Annual Salary 2,400,000 1,320,000 1,452,000 1,597,200 1,756,920

C. Project Manager
Average Monthly Salary 150,000 165,000 181,500 199,650 219,615
No of employees 1 1 1 1 1
Annual Salary 1,800,000 1,980,000 2,178,000 2,395,800 2,635,380

Total Platform Salary 10,500,000 12,342,000 15,899,400 20,044,860 24,860,418

4] Admin & Warehousing Team

A. Warehouse Team
Average Monthly Salary 18,000 19,800 21,780 23,958 26,354
No of employees 10 15 20 25 30
Annual Salary 2,160,000 3,564,000 5,227,200 7,187,400 9,487,368

B. Accountants
Average Monthly Salary 40,000 44,000 48,400 53,240 58,564
No of employees 1 1 2 2 3
Annual Salary 480,000 528,000 1,161,600 1,277,760 2,108,304

C. HR
Average Monthly Salary 35,000 38,500 42,350 46,585 51,244
No of employees 1 1 2 2 3
Annual Salary 420,000 462,000 1,016,400 1,118,040 1,844,766

C. Legal
Average Monthly Salary 50,000 55,000 60,500 66,550 73,205
No of employees 1 1 2 2 2
Annual Salary 600,000 660,000 1,452,000 1,597,200 1,756,920

Total Admin & Warehouse Salary 3,660,000 5,214,000 8,857,200 11,180,400 15,197,358

5] Youtube Channel
A. Content Creators
Average Monthly Salary 35,000 38,500 42,350 46,585 51,244
No of employees 1 2 3 4 5
Annual Salary 420,000 924,000 1,524,600 2,236,080 3,074,610

B. Co-ordinators
Average Monthly Salary 40,000 44,000 48,400 53,240 58,564
No of employees 1 2 3 4 5
Annual Salary 480,000 1,056,000 1,742,400 2,555,520 3,513,840

C. Animation Expert
Average Monthly Salary 35,000 38,500 42,350 46,585 51,244
No of employees 1 2 3 4 5
Annual Salary 420,000 924,000 1,524,600 2,236,080 3,074,610

D. Music & Vedio Editors

Average Monthly Salary 50,000 55,000 60,500 66,550 73,205
No of employees 1 2 3 4 5
Annual Salary 600,000 1,320,000 2,178,000 3,194,400 4,392,300

Total Youtube Channel Team Salary 1,920,000 4,224,000 6,969,600 10,222,080 14,055,360

5] Other Tean
A. International Sales
Average Monthly Salary 50,000 55,000 60,500 66,550 73,205
No of employees 5 6 11 16 21
Annual Salary 3,000,000 3,960,000 7,986,000 12,777,600 18,447,660

B. Social Media Analyst

Average Monthly Salary 40,000 44,000 48,400 53,240 58,564
No of employees 2 3 4 5 6
Annual Salary 960,000 1,584,000 2,323,200 3,194,400 4,216,608

C. Performance Management
Average Monthly Salary 65,000 71,500 78,650 86,515 95,167
No of employees 4 5 6 7 8
Annual Salary 3,120,000 4,290,000 5,662,800 7,267,260 9,135,984

D. Customer Support
 Average Monthly Salary 25,000 27,500 30,250 33,275 36,603
No of employees 2 3 4 5 6
Annual Salary 600,000 990,000 1,452,000 1,996,500 2,635,380

Total Other Team Salary 7,680,000 10,824,000 17,424,000 25,235,760 34,435,632

6] Pre Primary School

A. Helpers
Average Monthly Salary - - - 12,500 13,750
No of employees - - - 10 15
Annual Salary - - - 1,500,000 2,475,000

B. Teachers
Average Monthly Salary - - - 60,000 66,000
No of employees - - - 10 50
Annual Salary - - - 7,200,000 39,600,000

C. Peon/Security
Average Monthly Salary - - - 20,000 22,000
No of employees - - - 2 3
Annual Salary - - - 480,000 792,000

Total No. of Employees 96 134 180 227 268

Total Salary 47,160,000 67,089,000 100,681,200 143,835,000 214,919,103
Comparable Valuation
All values in INR
Particulars Revenue Valuation Multiple
FirstCry 6,400,000,000 33,200,000,000 5.19
Mylo 367,000,000 2,235,000,000 6.09
Healofy 220,000,000 14,320,000,000 65.09
R for Rabbit 1,290,000,000 5,500,000,000 4.26
Median 20.16
Premium/Discount
Discounted Average 20.16

Revenue FY25 209,880,000

Valuation 4,230,755,438
DEPRECIATION
Amt in INR
Particular 2025 2026 2027 2028 2029 Per Unit Cost
Laptop 86 23 27 22 11 70,000
Printers 2 4 6 0 0 10,000
Office Equipment 86 23 27 22 11 5,000

Gross Inve. 6,470,000 8,235,000 10,320,000 11,970,000 12,795,000

Opening block - 4,529,000 4,405,800 4,543,560 4,335,492
Addition 6,470,000 1,765,000 2,085,000 1,650,000 825,000
Depreciation 1,941,000 1,888,200 1,947,240 1,858,068 1,548,148
Closing block 4,529,000 4,405,800 4,543,560 4,335,492 3,612,344

Dp rate 30%
DCF Valuation

WACC 19.3% Amt in INR

g 7.3% https://www.macrotrends.net/countries/IND/india/gdp-growth-rate#:~:text=I
- 1.0 2.0 3
FY25 FY26 FY27
$ in thousands - Forecast Forecast Forecast
UFCF 117,247,868 (50,809,613) (21,251,461)

Discount factor 0.84 0.70 0.59

Present value of UFCF 98,253,666 (35,680,712) (12,506,052)

DCF Valuation
PV of Cash flows 169,267,268 17%

Continuing value 1,954,440,458

PV of Continuing value 807,684,012 83%
Enterprise value 976,951,281
Equity value 976,951,281
/india/gdp-growth-rate#:~:text=India%20gdp%20growth%20rate%20for,a%200.34%25%20decline%20from%202017
4 5
FY28 FY29
Forecast Forecast
58,061,683 219,155,980

0.49 0.41
28,632,868 90,567,498

Valuation
Premoney 3,579,994,607
ASK 175,000,000
Postmoney 3,754,994,607

Dilution
Premoney 4.9%
Postmoney 4.7%
20from%202017
 Cost of debt

Inters rate 6.50%

Rf 7.17% India 10-Year Bond Historical Data - Investing.com India

Beta 1.46 https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

Mrp 8.33% https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html

12.16%
Cost of Equity 19.33%

Value Portion Cost WACC

Debt - 0.00% 0.0650 -
Equity 10,000 100.00% 0.1933 0.19
10,000 1 19.33%