Record Dry Powder, Fewer Cheques: Why Good Businesses Still Cannot Raise
India has never had more private capital available, and deal counts are falling. The five reasons a genuinely good business still fails to raise equity, and why each one needs a different fix.
Read article →Acquirers Do Not Buy Good Businesses. They Buy Transferable Ones.
A profitable business and an acquirable one are not the same asset. What a buyer underwrites is whether your earnings survive your exit, and that is decided by owner dependence, revenue durability, documentation and the strategic reason you are on their list.
Read article →Your Revenue Grew 40 Per Cent and Your Valuation Did Not. Here Is the Arithmetic.
Revenue growth only becomes enterprise value if it survives margin, the cost base, working capital and the capital it consumed. The arithmetic behind why two businesses with identical top-line growth end up worth very different amounts.
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