Financial Planning for Startups

As a founder who raised a $500K pre-seed 💰 Here are my biggest (updated) takeaways about fundraising: 1) 𝐄𝐚𝐫𝐥𝐲 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐛𝐞𝐭 𝐨𝐧 𝐲𝐨𝐮, 𝐧𝐨𝐭 𝐲𝐨𝐮𝐫 𝐢𝐝𝐞𝐚. It’s about trust...they need to believe you can figure it out and make it happen. You matter more than your pitch deck. 2) 𝐃𝐨𝐧'𝐭 𝐰𝐚𝐬𝐭𝐞 𝐭𝐢𝐦𝐞 𝐨𝐧 𝐕𝐂𝐬 𝐭𝐨𝐨 𝐞𝐚𝐫𝐥𝐲. Unless you have multiple exits or significant traction, focus on your product and users. Early VC calls should be about understanding the milestones you’ll need to hit. Don’t ask for money, ask: “At what point would a business like ours be exciting to you?” They’ll tell you. 3) 𝐑𝐚𝐢𝐬𝐞 𝐚 𝐬𝐦𝐚𝐥𝐥𝐞𝐫 𝐫𝐨𝐮𝐧𝐝 𝐟𝐢𝐫𝐬𝐭. Don’t aim for a $4M seed round out of the gate. Too many founders try and fail. Start with angels or your personal network. 4) 𝐘𝐨𝐮 𝐝𝐨𝐧'𝐭 𝐧𝐞𝐞𝐝 𝐨𝐮𝐭𝐬𝐢𝐝𝐞 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐭𝐨 𝐛𝐮𝐢𝐥𝐝 𝐲𝐨𝐮𝐫 𝐌𝐕𝐏. If you think you do, you’re probably not being resourceful enough. 5) 𝐅𝐮𝐧𝐝𝐫𝐚𝐢𝐬𝐢𝐧𝐠 𝐭𝐚𝐤𝐞𝐬 𝐥𝐨𝐧𝐠𝐞𝐫 𝐭𝐡𝐚𝐧 𝐲𝐨𝐮 𝐭𝐡𝐢𝐧𝐤. Plan accordingly, and don’t underestimate the time commitment. 6) 𝐃𝐨𝐧’𝐭 𝐭𝐚𝐤𝐞 𝐫𝐞𝐣𝐞𝐜𝐭𝐢𝐨𝐧 𝐩𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐥𝐲. I made this mistake early on. A “no” isn’t always about you. Sometimes it’s about them—investors often like to appear wealthier than they really are. 7) 𝐑𝐚𝐢𝐬𝐢𝐧𝐠 𝐦𝐨𝐧𝐞𝐲 𝐰𝐡𝐞𝐧 𝐲𝐨𝐮’𝐫𝐞 𝐝𝐞𝐬𝐩𝐞𝐫𝐚𝐭𝐞 𝐢𝐬 𝐚 𝐥𝐨𝐬𝐢𝐧𝐠 𝐠𝐚𝐦𝐞. I know sometimes this is hard to avoid but investors can sense desperation from a mile away. Walk into meetings with confidence, believing they’re lucky to get on your cap table. 8) 𝐊𝐞𝐞𝐩 𝐲𝐨𝐮𝐫 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐮𝐩𝐝𝐚𝐭𝐞𝐝. Investors are people, and knowing others are excited about your idea gives them comfort. Set expectations upfront, send regular updates, and don’t just rely on email...pick up the damn phone. 9) 𝐑𝐢𝐝𝐞 𝐭𝐡𝐞 𝐦𝐨𝐦𝐞𝐧𝐭𝐮𝐦. When you secure one investment, it’s the best time to close another. Keep the energy going. This is underrated. 10) 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐚𝐧𝐝 𝐟𝐚𝐢𝐥𝐮𝐫𝐞 𝐥𝐨𝐨𝐤 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐚𝐭 𝐟𝐢𝐫𝐬𝐭. Both are full of “no’s.” The difference in a successful raise is they didn't give up. To all the founders out there fundraising...Stay positive, stay persistent, and keep building. 💙 #startups #venturecapital #fundraising

If you're a founder trying to fundraise right now, it probably feels like the entire venture world has gone quiet. The response times are slow, OOOs are on and it’s easy to feel like you’re losing momentum. Don't stress. The summer slowdown is predictable, and it's not a setback, it's a gift of time if you use it well. I see this every year... The founders who scramble to send frantic emails in July/August are the same ones who struggle in the fall with an over-shopped deal and the fatigue of an endless fundraise. But the founders who use this quiet period for deep, focused preparation are the ones who run a crisp, successful process after Labor Day. The fundraising race is won in the prep lap. Here are a few things you can do right now to prep for a big fundraising push this fall: 1. Build a High-Fidelity Investor Pipeline. Go beyond a simple list of names. Create a comprehensive document that tracks every firm and partner, their specific thesis, your history with them (if any), your connections to them and crucially, the feedback they've given you in the past. This turns your outreach into a strategic campaign. 2. Assemble a "Push-Button" Data Room. Don't wait for an investor to ask. Build your data room now so it's ready to go at a moment's notice. This includes your customer contracts, cohort analyses, deck, references and financial model. A well-organized data room signals professionalism and creates momentum. 3. Craft a "Juicy" Forwardable Blurb. The best introductions are easy to forward. Write a tight, compelling, one-paragraph teaser. It must include a unique insight on the market, why your team is going to win and any key metrics. This makes it effortless for people like me to advocate on your behalf. 4. Pressure-Test Your Narrative. Use this time to pitch trusted advisors, mentors, and other founders. This isn't about memorizing a script, it's about finding the weak spots in your story. Ask them to be ruthless. The tough questions you answer now in a friendly setting will save you in a rapid fire partner meeting later. 5. Get Your "Diligence" in Order. This is the one everyone forgets. Talk to your lawyer now. Make sure your corporate governance is tight and your cap table is accurate (and clean). Uncovering a messy problems during late-stage diligence can kill a deal. Solving it now is a massive de-risking event. 6. "Warm Up" Your References. Your best customers are your most powerful asset. Don't wait until an investor asks for a reference call to talk to them. Re-engage with your top 3-5 champions now. Check in, share your progress, and get them excited about your vision. A reference who is prepped and genuinely enthusiastic is infinitely more impactful. The fall fundraising season will be here before you know it. The work you do in the quiet of August will determine the success you have in the chaos of the fall. We are prepping for our next fundraise as well so this is how I'm spending my time💥

The 29th United Nations Climate Change Conference (COP29), held in Baku, Azerbaijan, concluded. Here are the 10 key outcomes which will impact businesses: 1.Global Carbon Credit Market Established Businesses can trade carbon credits globally, incentivising emission reductions. Economic impact: Potential cost savings for compliant businesses and revenue opportunities for those investing in renewable projects. 2. $300 Billion Annual Climate Finance Commitment Funding will assist developing nations’ transitions to greener economies. Economic impact: Opportunities for businesses in infrastructure, renewable energy, and technology transfer in emerging markets. 3. $120 Billion Annual Pledge by Multilateral Banks Increased lending for climate-related projects in low- and middle-income countries. Economic impact: New markets for sustainable technologies and climate adaptation solutions. 4. Loss and Damage Fund Operationalised Financial assistance for nations affected by climate impacts. Economic impact: Businesses must account for increased disaster recovery costs and integrate resilience measures into operations. 5. Strengthened Nationally Determined Contributions (NDCs) Governments will require stricter compliance from businesses to meet climate targets. Economic impact: Increased compliance costs but also market opportunities for businesses offering low-carbon solutions. 6. Global Carbon Market Valuation at $250 Billion by 2030 Expansion of the carbon market creates a high-value trading ecosystem. Economic impact: New revenue streams for businesses innovating in emissions reduction technologies. 7. Increased Private Sector Investment Expected Policy alignment with 1.5°C goals will drive private sector financing of sustainable projects. Economic impact: Greater competition for investment in renewable and energy-efficient technologies. 8. Focus on Adaptation and Resilience Emphasis on addressing climate risks encourages businesses to prioritise resilient infrastructure. Economic impact: Increased costs for climate-proofing operations but reduced long-term risks. 9. Opportunities in Emerging Markets Developing nations receiving climate finance create demand for green technology and services. Economic impact: Growth prospects for businesses specialising in clean energy, water management, and waste reduction. 10. Economic Penalties of Inadequate Action The $2.5 trillion annual cost of climate impacts underscores the need for rapid action. Economic impact: Delayed adaptation exposes businesses to higher costs from supply chain disruptions, infrastructure damage, and reduced productivity. These outcomes highlight a dual impact: businesses face rising costs from compliance and climate risks, but proactive strategies aligned with COP29 goals offer significant opportunities for growth in the green economy. #cop29 #decarbonisation #co2 #emissions #carbon #carbonmarket #cop #un #unitednations #co2market

As a founder, I have made a ton of mistakes, but fundraising I (mostly) got right. This includes securing $400 million for my own startups over the years, but also helping fellow founders successfully with their investment rounds. At the same time, I have seen founders run disastrous and failed funding processes. The big difference is a proper process. Running a proper process enabled us to select the best investors to help us most at each stage. I never chased the highest valuation. I focused on finding the investor who could solve our biggest challenges for the next two to three years of growth. That only worked because I ran a proper process. So, what does a proper process look like? Every founder will have a view, but in my experience it includes eight golden rules: 1. Nail the story - Most important, but hardest part. Define a maximum of two to three key messages. Repeat them everywhere, in calls, emails, and on every slide of your deck. 2. Build a tight deck - Every slide reinforces those two to three key messages. Slide titles should summarise the key point, not just say “Market” or “Product”. 3. Raise the minimum - Ask for as little as you need. Far better to oversubscribe than face a never-ending process or failure to hit the target. I much prefer raising to hit the next milestones, prove progress, then raise bigger later at a higher valuation. 4. Do not obsess over valuation - Too often, founders chase the highest valuation, which then bites hard later with a painful down round. Valuation is driven by timing, traction, and demand. Focus instead on your ideal investor, the one(s) who can help solve your biggest challenges over the next two to three years. 5. Kiss a lot of frogs - Build a wide funnel of at least 50 targets for an early-stage raise. Prioritise your ideal investors, but keep optionality until the very end. Use warm intros where possible, ideally at partner level. Do not contact anyone until 100% ready. 6. Craft a killer intro - Short email, four to five bullets on the key pain points and “why now?”. Keep it short and punchy so a warm contact can forward it without rewriting a word. 7. Run a tight process - Hit everyone at the same time to create momentum. Keep competitive tension throughout by trying to move everyone at the same speed. Assume at least six to nine months. Make sure you have cash runway for longer. Show traction and results throughout. It is a big commitment, half of a founder’s time. 8. Prep your data room early - Financials, cap table, corporate structure, FAQs, all ready before serious conversations begin. I will cover how much to raise, capital strategy, investor mix, and specifically what is different for climate tech founders next week. But the foundation is this: fundraising is a process. Run it like one. This is part of a weekly series on scaling lessons from building PropertyGuru to NYSE and backing climate ventures at Wavemaker Impact and Planet Rise. Follow along if useful.

A bootstrapped SaaS just sold for $200M. No VC funding. No fancy marketing. No Silicon Valley office. Just pure product-led growth that turned into a $50M ARR business. Here's the untold story of Wingify's incredible journey: For the last 15 years, SaaS companies followed the same playbook: • Raise massive VC rounds • Burn cash for growth • Focus on expansion over profits But Wingify chose a different path. Here's what they did instead: It started in 2010 with a simple idea: Help businesses make better decisions with A/B testing. The twist? Instead of copying existing tools, they built the world's first visual editor for A/B testing. No code required. Just point and click. The results were immediate: • 1,000 beta users • 10 paid customers on day one • First enterprise deal within months • $1M revenue by 2011 All without a single dollar of outside funding. But they were just getting started: While competitors chased funding rounds, Wingify focused on innovation: • First to launch heatmaps (2010) • Pioneered visual editing (2011) • Integrated with Google Analytics (2012) • Built Bayesian statistics engine (2015) Each innovation drove organic growth. Think about what this means: When you're bootstrapped, you can't rely on fancy marketing. You can't outspend competitors. You can't hire hundreds of salespeople. You have to build something people actually want. The numbers tell the story: 2011: $1M ARR 2021: $25M ARR 2022: $30M ARR 2024: $50M ARR All while staying profitable. But there's an even bigger lesson here: You don't need: • Billions in funding • Hundreds of engineers • A Silicon Valley office Just: • A great product • Happy customers • Sustainable growth The playbook is about to change: Every SaaS founder studying Wingify will realize: • Product > Marketing • Profits > Growth • Sustainability > Scale The era of endless fundraising is ending. Here's what happens next: 1. More founders choose bootstrapping 2. Focus shifts to unit economics 3. Products win over marketing 4. Customers matter more than VCs But there's something even bigger happening: The acquisition shows that you can: • Build in India • Sell globally • Stay profitable • Exit big Without playing the VC game. The lesson? Sometimes having less means building more. Wingify proves you don't need: • Massive funding rounds • Fancy offices • Complex strategies Just a great product and the patience to grow sustainably.

I’ve secured over $1.2M in funding for my company. But the path has not been what you’d expect. After 3 years of building Chezie, here's our actual fundraising journey: - $20K of our own savings - $275K from grants - $160K from friends/family - $110K from pitch competitions - $100K from accelerators - $470K from VCs - $25K from revenue-based financing Two things most founders miss: 1. Revenue unlocks everything     Without paying customers, we wouldn't have qualified for grants, VC, or loans.      Focus on revenue first and all of the other funding options become available to you.      2. Don't limit your options     Only about a third of our funding came from VCs. Another third was completely equity-free.      Be open to whatever funding source you can get to reach your goals. The reality is that there's no 'right way' to fund your startup. Whether working your day job longer, consulting to get some early revenue, taking loans, or raising from friends and family, do whatever works. The best funding source is the one that keeps your company alive. And sometimes that means taking the path others won't. Build your company your way. What untraditional funding paths have you taken to grow your startup? Share them in the comments! 👇🏾

Ask a CFO what finance transformation changes, and the answer often starts with structure: A shared service centre. A centre of excellence. A leaner controllership team enabled by automation. These are important choices. They are also the most visible ones. They fit neatly on a slide, create a sense of progress and can be redrawn faster than the underlying work can change. But an operating model is not an org chart. It is the set of choices that determines how the finance function creates value, makes decisions and works with the business every day. I've been through quite a few finance transformation cycles in my career, and they all started with a re-org of the finance function. Only once was there a larger vision behind it, and that's the one I remember and have shaped my late career as a finance professional. The difference? While it did have implications for the org chart, it was much more focused on getting people the skills to succeed in their new roles. In our experience, the real design work sits in four areas: → Ways of working: the routines, behaviours and methods that shape how work actually gets done across teams → Decision rights: who has the mandate to make which decisions, how issues are escalated and how trade-offs are resolved → Talent: the capabilities the future model requires, not just the roles and skills already in place → Culture and behaviour: the mindsets, leadership practices and habits needed to make the model work in practice And the sequence matters. 1️⃣ Define ways of working first Start with how finance should create value, collaborate across the business and make work flow. 2️⃣ Clarify decision rights next Be explicit about who decides what, who needs to be involved and how disagreements are resolved. 3️⃣ Design the talent model Translate the future way of working into the roles, capabilities and leadership behaviours required. 4️⃣ Redraw the structure last Let the org chart reflect the choices above, rather than become a shortcut for making them. When the sequence is reversed, the new structure can end up preserving the very habits the transformation was meant to change. I go deeper on this in my latest Forbes CFO Network column: https://bit.ly/4pT6SA0 Where does your organisation usually start: with the chart, or with how work actually gets done?

𝗜 𝗯𝘂𝗶𝗹𝘁 𝗮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻-𝗱𝗼𝗹𝗹𝗮𝗿 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗯𝗲𝗳𝗼𝗿𝗲 𝗜 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗼𝗼𝗱 𝘁𝗵𝗲 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝗽𝗿𝗼𝗳𝗶𝘁 𝗮𝗻𝗱 𝗿𝗲𝘃𝗲𝗻𝘂𝗲. I was running EngineerBabu, closing deals, managing teams, and talking to investors. all while fundamentally misunderstanding my own financial health. Let that sink in for a moment. 𝗛𝗲𝗿𝗲'𝘀 𝘁𝗵𝗲 𝘂𝗻𝗰𝗼𝗺𝗳𝗼𝗿𝘁𝗮𝗯𝗹𝗲 𝘁𝗿𝘂𝘁𝗵 𝗮𝗯𝗼𝘂𝘁 𝘄𝗼𝗺𝗲𝗻 𝗲𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝘀:  • Most of us weren't raised to understand money.  • We weren't taught to negotiate salaries.  • We weren't encouraged to study finance. So we learn the hard way. By nearly failing. By making expensive mistakes. I'm done with that model. Here are the finance basics every woman entrepreneur needs to understand: 𝟭. 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 = 𝗣𝗿𝗼𝗳𝗶𝘁 Revenue is the money coming in. Profit is what's left after you pay for everything. Track both. Obsessively. 𝟮. 𝗖𝗮𝘀𝗵 𝗙𝗹𝗼𝘄 𝗶𝘀 𝗞𝗶𝗻𝗴  You can be profitable on paper and still go bankrupt. How? If your money is tied up in unpaid invoices while your bills are due. Cash flow = the actual money moving in and out of your business. 𝟯. 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝗬𝗼𝘂𝗿 𝗨𝗻𝗶𝘁 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 How much does it cost you to acquire one customer vs the revenue generated. If acquisition cost > revenue per customer, you're in trouble, no matter how fast you're growing. 𝟰. 𝗞𝗻𝗼𝘄 𝗬𝗼𝘂𝗿 𝗕𝘂𝗿𝗻 𝗥𝗮𝘁𝗲 𝗮𝗻𝗱 𝗥𝘂𝗻𝘄𝗮𝘆 Burn rate = how much money you're losing per month. Runway = how many months until you run out of money. If you have ₹20 lakhs in the bank and you're burning ₹2 lakhs/month, your runway is 10 months. 𝟱. 𝗚𝗿𝗼𝘀𝘀 𝗠𝗮𝗿𝗴𝗶𝗻 𝘃𝘀. 𝗡𝗲𝘁 𝗠𝗮𝗿𝗴𝗶𝗻  Gross margin = revenue minus direct costs (like salaries for delivery team). Net margin = revenue minus ALL costs (including rent, software, marketing, etc). Gross margin tells you if your core business model works. Net margin tells you if your entire operation is sustainable. 𝟲. 𝗘𝗺𝗲𝗿𝗴𝗲𝗻𝗰𝘆 𝗙𝘂𝗻𝗱 𝗶𝘀 𝗡𝗼𝗻-𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝗯𝗹𝗲 Always have 6-12 months of operating expenses saved. 𝟳. 𝗦𝗲𝗽𝗮𝗿𝗮𝘁𝗲 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗮𝗻𝗱 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗲𝘀 𝗜𝗠𝗠𝗘𝗗𝗜𝗔𝗧𝗘𝗟𝗬 𝟴. 𝗟𝗲𝗮𝗿𝗻 𝘁𝗼 𝗥𝗲𝗮𝗱 𝗬𝗼𝘂𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀 You don't need to be an accountant. But you need to understand:  • P&L (Profit & Loss): Are you making or losing money?  • Balance Sheet: What do you own vs. what do you owe?  • Cash Flow Statement: Where is money actually moving? Stop outsourcing all financial understanding to your accountant or co-founder. Your company's financial health is YOUR responsibility. Not theirs. Yours. Learn. Ask. Study. Master this. #WomenEntrepreneurs #FinancialLiteracy #FounderJourney #WomenInBusiness #Entrepreneurship #Supersourcing #BusinessFinance

If you're bootstrapping or seed-strapping your startup, you need to play a different game than the VC crowd from the get-go. Here are 5 things I did to set up my companies to scale without major funding: Background: I seed-strapped my first company to nine-figures and now bootstrapped my second company (Onward) to an eight figure run-rate. 1/ Choose an industry where you have a material advantage Don't get caught up doing what's hot (AI / Crypto / Etc). It's more about ensuring you have a massive built-in advantage on what you're working on. For startup #2 - I stayed in my lane. I knew I could leverage everything (and everyone) from my network and prior decade of ecomm experience. 2/ Pick something you can get a customer or two right away Ensure once you have a prototype built, you without a doubt have 1-2 friends or people in your network that will test it. I begged my best friend to put a VERY early prototype of Onward on his site....and we broke it. Oops...but that's what best friends are for and where we learned our lessons! 3/ Build a v1 prototype and then find your cofounder Everyone "has an idea". Don't be that person. No one cares about your idea. Instead either vibe code or hire an offshore team and spend a small amount building a v1 of your product. I did this and after that, people took my request for intros to technical founders seriously. Before that - not even for me. 4/ Write down what outcomes work for you and stick to them Every decision you make should align with this long-term goal. At this stage and in the bootstrappers game, it's not about having the "best" - it's about having the "most efficient". I wrote down that I wanted to build a 50-year+ company with Onward that was profitable and consistent. That means trading off some short-term growth. 5/ Seek out like-minded coworkers VC-backed teammates often jump from one hot thing to the next. In the bootstrap game, consistency trumps talent. For bootstrapped teammates, I find that people who have a combination of humility + deep love for their craft tend to be the best hires. More to come on bootstrapping + seed-strapping lessons and how to build an "autonomous" B2B SaaS startup leveraging AI + efficient growth principles. If you're bootstrapping - I'm curious, what's worked for you?

Every time I’ve seen a startup close a new round, the same thing happens: a major existential challenge shows up right after. Here's how to build resilience before the next crisis hits: ▶️ Build your decision-making muscle now. Observe how you make hard calls on smaller issues so you're ready when the big ones come. Document your decision-making process - you'll need to move fast when stakes are high. ▶️ Create financial runway buffers. Always assume you'll need 6 months longer than projected to hit your next milestone. Build this cushion into your fundraising targets and burn rate planning. When that unexpected pivot comes, you'll have breathing room instead of a missed deadline. ▶️ Strengthen your board relationships before you need them. Schedule informal check-ins with investors between board meetings. Share challenges early and often. When a crisis hits, you want advisors who already understand your business deeply, not people you're briefing for the first time. ▶️ Document your core assumptions. Write down what you believe about your market, product, and business model. Review these monthly. When disruption forces a strategy shift, you'll know exactly which assumptions broke and can pivot with clarity instead of chaos. From seed to IPO, every phase brings its own adrenaline spike from fighting off the next challenge. It’s easy to believe that once you hit that next milestone, things will finally smooth out. But in startups, those spikes are the norm - not the exception. Don’t waste energy hoping for calm; use that energy to build the systems and mindset that help you ride the spikes better when they come. Because they always do.