The 3-year P&L, the bottoms-up model behind it, sensitivity scenarios, valuation justification, dilution roadmap, and the execution timeline that gets us to Series A.
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Paying users | 10,000 | 50,000 | 5,00,000 |
| ARPU (₹/month) | ₹250 | ₹275 | ₹300 |
| MRR (end of year) | ₹25 L | ₹1.37 Cr | ₹15 Cr |
| ARR run-rate | ₹3 Cr | ₹16.5 Cr | ₹180 Cr |
| Monthly burn | ₹25 L | ₹40 L | ₹1.2 Cr |
| Cities live | 2 (Tier 2) | 7 (Tier 2 + 1 Tier 1) | 10+ cities |
| Gross margin | 55% | 68% | 75% |
| CAC payback | 3 months | 2.5 months | 2 months |
| Retention (90-day) | 60% | 65% | 70% |
| Revenue streams live | Subscription | Subscription + API + Doctor | All 4 (+ Insurance) |
| Status | Seed-funded | Breakeven on unit economics | Series A · Profitable |
Targeting tier-1 VCs (Sequoia, Accel, Lightspeed) and product-savvy angels from Microsoft/ServiceNow networks. Close in 90 days.
Month 18 raise on traction: 50,000 paying users, breakeven unit economics, multi-stream revenue, ABHA integration live.
₹5 Cr at ₹25 L/month burn = 20 months runway. Buffer for unforeseen and aggressive city expansion.
Inputs: monthly marketing spend per pillar, conversion rate per channel, free-to-paid conversion %, ARPU by tier, monthly churn. Drives: paying users, MRR, ARR, gross margin, cash burn, runway — month-by-month for 36 months.
Three scenarios: Base (10K Y1, breakeven M24), Bull (15K Y1, breakeven M20), Bear (6K Y1, breakeven M30). For each: required Series A size, dilution, founder ownership.
Justified by: comparable Indian health-tech seeds (eka.care, MFine seed rounds), team credibility, beta traction, ABHA positioning, multi-stream revenue thesis. ₹5 Cr at ₹25 Cr pre-money = 20% dilution. Negotiation room: ₹18 Cr floor, ₹30 Cr ceiling.
Founding: 80% founder, 20% ESOP pool. Seed (20% dilution): 64% founder. Series A (20%): 51% founder. Series B (15%): 43% founder. Goal: founder retains controlling stake through Series B by raising at strong valuations and disciplined dilution.
Recommendation: priced equity round. India angel/VC market prefers priced rounds at seed. SAFE works if rolling angels first, then equity at lead investor. Convertible note only if bridge financing — not for primary seed.
Document recent seed and Series A deals in Indian consumer health: eka.care, MFine, HealthifyMe, Cure.fit, Practo. Valuation multiples, dilution patterns, lead investors. Frames our ask as reasonable, not aggressive.