Let me flip this and ask you the same question with more nuance.
In the last decade, a large number of founders have gone to VC firms for capital, especially in a business where radiology machines are expensive and is harder to bootstrap.
How much dilution happens across funding stages, and what is the norm for founder stake at the end of the dilution?
With around 20% dilution at each stage of funding, here’s how ownership usually changes:
Krsnaa had a Series C round a few years ago before the final IPO.
For other listed Indian companies that were startups, what is the current founder stake?
| Company | Founder Holding |
|---|---|
| Nazara | 20% |
| Zomato | 4% |
| Car Trade | 3% |
| Nykaa | 50% |
| Policy Bazaar | 4% |
| PayTM | 9% |
| Five Star | 9% |
| Tracxn | 35% |
And globally,
With this in mind, Krsnaa’s ownership of around 33% (including family) doesn’t look too bad and is actually in the upper quartile amongst other VC exits.
While one wants promoters to own as much as possible, wanting 50-75% ownership without thought to context is unreasonable in my opinion.
So I flip the question to you. Where in Krsnaa’s funding rounds do you think they sold for cheap, and in your opinion what was fair valuation?
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