Startup Valuation in Jaipur

Jaipur, Rajasthan+91 9176044244

Jaipur startups raising early money from angels, family and the state's iStart programme need a registered valuer's report behind each priced allotment under section 62(1)(c) and Rule 13, and a FEMA Rule 21 certificate for any non-resident investor. CA V. Viswanathan prepares both for Jaipur founders from Chennai.

Rajasthan's iStart policy of 2022 offers ideation grants of up to ₹2.4 lakh, ₹60,000 more for women-led startups, and matching equity support; the state had 5,395 recognised startups at the end of October 2024, according to the Lok Sabha reply of 17 December 2024.

Key facts for Jaipur companies

Item	Jaipur
Startup base	Rajasthan had 5,395 DPIIT-recognised startups as at 31 October 2024 (Lok Sabha answer of 17 December 2024).
State startup policy	Rajasthan's Startup Policy 2022 (iStart) offers ideation grants of up to ₹2.4 lakh, with more for women-led startups.
Registrar of Companies	The Registrar of Companies, Jaipur (whole of Rajasthan)
NCLT bench	The Jaipur Bench of the National Company Law Tribunal

Which valuation does a startup need?

A priced round from Indian investors needs a registered valuer's report (section 62(1)(c) and Rule 13); a non-resident investor needs a FEMA Rule 21 certificate; ESOP grants need an Ind AS 102 option value, and the employee's tax on exercise needs a Category I merchant banker's value; a share swap with a foreign holding company needs a merchant banker. ESOP valuations explained · FEMA and Rule 57 valuations · All the methods compared.

How does the Berkus method value a Jaipur pre-revenue startup?

Illustration (assumed figures)

The method assigns up to a set amount — say ₹1 crore — to each of five risk-reducing elements: the idea, a working prototype, the quality of the team, strategic relationships, and early sales or rollout. A craft-commerce startup scored ₹80 lakh, ₹60 lakh, ₹90 lakh, ₹40 lakh and ₹20 lakh on these has a pre-money value of ₹2.9 crore.

The method is simple and openly judgmental, so the report pairs it with another approach, such as a scorecard or a venture capital calculation, before settling on a figure.

The Jaipur startup context

Technology and services startups

Jaipur's startups are typically at seed and pre-Series A, where qualitative methods and the venture capital method carry most weight.

Consumer and craft brands

Direct-to-consumer craft and fashion brands are valued on revenue, margins and comparable transactions.

Rajasthan iStart support

Rajasthan's Startup Policy 2022 (iStart) offers ideation grants and matching support; startups using it should share the grant terms so that any conditions are reflected in the cap table and projections.

About V Viswanathan & Associates

Chartered Accountants, FRN 013713S— Practising since 2012 from G-131, Spencer Plaza, Anna Salai, Chennai.
IBBI Registered Valuer— Securities and financial assets, CA V. Viswanathan (IBBI/RV/03/2019/12333).
FCA, ACS, CFE— Company law, tax and forensic accounting under one roof.
Turnaround— Reports usually take 5–7 working days from complete information, and up to 15 working days for complex cases.
Jaipur founders— Served from Chennai through video consultations, secure data rooms and digitally signed reports.

Frequently Asked Questions

Is angel tax still applicable in 2026?

No. Section 56(2)(viib) of the Income-tax Act, 1961 stopped applying from assessment year 2025-26, so share premium above fair value is no longer taxed in the company's hands. A person who receives shares below fair market value can still be taxed (section 92(2)(m) of the Income-tax Act, 2025), with unquoted equity valued under Rule 57 of the Income-tax Rules, 2026.

Does a foreign investor need a separate valuation?

Yes: a fair-value certificate under Rule 21 of the FEMA (Non-debt Instruments) Rules, 2019 from a chartered accountant, merchant banker or practising cost accountant. CA V. Viswanathan can issue it together with the Companies Act report on the same valuation date.

Which startup policy applies to a Jaipur startup?

Rajasthan's Startup Policy 2022 (iStart) offers ideation grants of up to ₹2.4 lakh, with more for women-led startups.

How many DPIIT-recognised startups are there in Rajasthan?

Rajasthan had 5,395 DPIIT-recognised startups as at 31 October 2024 (Lok Sabha answer of 17 December 2024).

Does a Jaipur startup need a registered valuer for its first ₹25 lakh from friends?

If the money comes in for shares issued to selected people, yes — the issue is a preferential allotment whatever the amount. For a convertible note, Rule 13 lets the conversion price be fixed either upfront, on a registered valuer's report at the time of the offer, or close to conversion on a fresh report.

Do you have an office in Jaipur?

No. We serve Jaipur clients from our office at Spencer Plaza, Anna Salai, Chennai, through video consultations, secure document sharing and digitally signed filings and reports.