Funding-Ready Valuation Stack

Two reports.
One coordinated file.
Round closes on schedule.

Companies Act Sec 247 Registered Valuer report — signed in-house by our IBBI-registered valuer. Income-tax Merchant Banker valuation — issued by our Cat-I Merchant Banker associate, with PBA as project lead. Single underlying model, consistent methodology, one point of accountability. Structured for priced rounds from Seed to Series C+, across both the Income-tax Rules 1962 (Rule 11UA) and the Income-tax Act 2025.

Get an estimate See what's included
ICAI Chartered Accountants IBBI Registered Valuer · in-house Cat-I Merchant Banker · associate network Bengaluru · Hyderabad
Why this stack

Two reports. One file. Consistent methodology.

A priced round needs valuation evidence under two separate statutes — Companies Act for the allotment, Income-tax Act for share-premium and recipient positions. Issued together, they keep your closing on schedule and your audit file clean.

01

One coordinator, two reports

The Sec 247 RV report is signed in-house. The Income-tax Merchant Banker report is issued by our Cat-I MB associate, working off the same underlying model PBA builds. Single project lead, shared assumptions and comparables, no eleventh-hour reconciliation between two firms running parallel.

02

Old Act & new Act, both covered

For periods up to 31 March 2026, Rule 11UA under the Income-tax Rules 1962 applies. From 1 April 2026, the corresponding valuation framework under the Income-tax Act 2025 applies. We manage continuity across both regimes — including ESOP refreshes that span the transition.

03

Documented to audit standard

Methodology, comparables, and assumptions documented to a standard suitable for review by buyer-side auditors, statutory auditors under Ind AS 102 / 113, and assessing officers. Each engagement closes with a defence memo summarising the basis of valuation.

Scope of work

What's in the Stack

  • ✓
    Sec 247 Registered Valuer report — Companies Act Signed by an IBBI-registered valuer for the Sec 62(1)(c) preferential allotment route. Required input for the Board / shareholder approval and the ROC PAS-3 filing. Companies Act 2013 · Sec 247
  • ✓
    Income-tax Merchant Banker valuation report DCF method or NAV / CCM as applicable, for equity, CCPS, and CCD instruments. Issued and signed by our SEBI-registered Cat-I Merchant Banker associate; PBA builds the underlying model and runs the engagement end-to-end. Defends share-premium and recipient positions against angel-tax-style scrutiny under the relevant section of the operative Act. Rule 11UA · Income-tax Rules 1962 (until 31 Mar 2026) Equivalent provisions · Income-tax Act 2025 (from 1 Apr 2026)
  • ✓
    FEMA-compliant DCF for foreign-investor pricing Internationally accepted methodology under FEMA Non-Debt Instruments Rules 2019, with fair-value certification suitable for AD Bank review and the FC-GPR / FC-TRS filing trail. FEMA NDI Rules 2019 · Rule 21
  • ✓
    Cap table impact & dilution memo Pre- and post-money cap table modelling, ESOP pool top-up impact, anti-dilution scenarios, and a one-page memo for Board reading.
  • ✓
    Term-sheet review note Plain-English review of valuation-affecting clauses — liquidation preference, anti-dilution, ratchet, conversion mechanics, pay-to-play — flagged for founder & CFO attention.
Get an estimate

Tell us the shape of your round.
A partner replies with an indicative fee.

Every engagement is scoped to your specific transaction structure rather than priced from a list. Share the round details below; a partner reviews each inquiry personally and responds with an indicative fee based on the information provided, the applicable reports, and a delivery SLA — same business day, or by the next business morning if you write outside working hours. The final fee is confirmed in writing after a brief scoping call.

Total being raised in this round, all instruments combined. Optional.

What happens next

  1. You submit this form. A partner is notified immediately.
  2. You receive an indicative fee based on the round details shared, the applicable reports, and a delivery SLA — same business day, or by the next business morning if your inquiry arrives after hours.
  3. If the indicative fee works for you, we schedule a 20-minute scoping call to review your cap table and last audited financials.
  4. After the scoping call, the final fee is confirmed in writing along with a signed delivery date in the engagement letter.

Fees are scoped per engagement and shared in writing on inquiry, in line with professional norms applicable to chartered accountants. The figure you receive is indicative based on the details shared; the final fee is finalised after a brief scoping call and review of your cap table and last audited financials.

Inquiry received ✓

A partner has been notified. You'll receive an indicative fee at your email based on the round details shared — same business day, or by the next business morning if you've written outside working hours. The final fee is confirmed after a brief scoping call. If you don't see the email, check your spam folder or write to cashanmukha@pbas.co.in directly.

Couldn't send the inquiry. Please email cashanmukha@pbas.co.in directly.
Engagement process

From kickoff to signed reports in 7–10 working days.

01
Day 0–1

Scoping & data request

20-minute call, fixed-fee engagement letter, named partner assigned, data request list issued.

02
Day 2–4

Model & comparables

Financial model review, projection sanity-check, comparable transactions, DCF build.

03
Day 5–7

Draft reports

Draft RV + Income-tax MB reports with sensitivity tables, walked through with the founder / CFO.

04
Day 8–10

Signoff & delivery

Final signed PDFs, defence memo, and FC-GPR pricing certificate delivered to investor counsel.

Frequently asked

Questions founders ask before they sign.

Who actually signs each report?
The Sec 247 Registered Valuer report is signed in-house by PBA's IBBI-registered valuer. The Income-tax Merchant Banker report is signed by our SEBI-registered Cat-I Merchant Banker associate — only a Cat-I MB can issue this report under the Income-tax Rules. PBA is your single point of contact: we build the underlying valuation model, coordinate with the MB, manage timelines and the data room, and assemble the closing file. You deal with one engagement letter, one set of milestones, one project lead.
Why do I need both a Companies Act RV report and an Income-tax MB report?
They satisfy two different statutes. The Sec 247 Registered Valuer report (read with Sec 62(1)(c)) is required for the share allotment under the Companies Act — your ROC filings and investor counsel rely on it. The Income-tax Merchant Banker valuation under Rule 11UA (or its equivalent under the Income-tax Act 2025 from 1 April 2026) defends the issue price against share-premium scrutiny in the hands of the company and the recipient. Two reports for two regulators; most priced rounds need both.
What changes with the Income-tax Act 2025?
Rule 11UA of the Income-tax Rules 1962 governs valuations for periods up to 31 March 2026. From 1 April 2026, the Income-tax Act 2025 and its corresponding rules apply. The valuation methodologies (DCF, NAV, comparables) carry forward in substance; section and rule numbers change. We document both bases for transactions that straddle the transition, so the assessment trail is unambiguous regardless of the Act referenced by the AO. See our Insights piece on the 2025 Act transition for the practical timeline.
Can you really turn around in 7–10 working days?
For a clean data room — audited financials, current cap table, signed term sheet, prior FEMA filings on file — that is the standard SLA documented in the engagement letter. Variables that extend timelines: incomplete cap tables, gaps in audited financials, pending FEMA filings from prior rounds. We surface these on the scoping call so there are no surprises.
What does "audit-grade" mean in practice?
The methodology, comparables, and assumptions are documented to a standard suitable for review by the buyer's auditor, the company's statutory auditor (Ind AS 102 for ESOPs and Ind AS 113 for fair value), and the assessing officer in a share-premium inquiry. Every report is delivered with a defence memo summarising the basis of valuation and the comparables used.
Do you also handle FEMA filings (FC-GPR) and ROC filings (PAS-3)?
FC-GPR pricing certification is included in the stack. The actual filings — FC-GPR with RBI and PAS-3 with the ROC — can be added as a separate compliance module, or executed by your existing company secretary using our certificates as the supporting documentation.
Why isn't there a public price list?
Our fee structure is shared on inquiry rather than published, in line with professional norms applicable to chartered accountants. Every engagement is scoped to the specific transaction structure — round stage, instrument type, investor profile, applicable regime, urgency — and the fee is fixed in writing after a 20-minute scoping call. The estimate emailed in response to your inquiry is indicative.
What happens after the round closes?
Most clients move onto an ESOP / valuation continuity retainer — quarterly Income-tax MB refresh for grant FMVs, exercise-time tax memos, and Ind AS 102 charge support — so a fresh valuation isn't a scramble at every employee exercise or buyback. Discussed on the scoping call.