ABOUT
Mulyan exists for valuation moments that require judgment, not noise.
WHY MULYAN EXISTS
WHY MULYAN EXISTS
When most founders think about valuation, they think about a number. A multiple. What a comparable company raised at. What an investor might offer.
None of that is valuation. That is pricing.
Pricing moves with the mood of the market. A strong GDP quarter and optimism pushes numbers up. A conflict a thousand kilometres away and capital retreats overnight. The price investors are willing to pay is real information but it answers a different question than most founders think it does.
Prof. Damodaran illustrates this with Coca-Cola and Cott Corporation. Two companies selling similar products. Completely different values. Not because someone added a brand premium on top but because the brand already lives inside the numbers. Higher margins. Stronger pricing power. Better returns on reinvested capital. If something is genuinely valuable, it shows up in the cash flows. It doesn’t need a separate line.
Mulyan takes its name from the Hindi word for valuation. It exists to provide one thing: a DCF-based valuation that explicitly documents every assumption, stress-tests every number and arrives at a conclusion you can read, question and defend.
The process begins with your story- how revenue grows, where margins are going, what it costs to grow, how risk changes as the business matures. Every input is visible. Every assumption can be challenged.
Raise at any price you can negotiate. But before that conversation, know your number.
"That is what Mulyan is for".
When most founders think about valuation, they think about a number. A multiple. What a comparable company raised at. What an investor might offer.
None of that is valuation. That is pricing.
Pricing moves with the mood of the market. A strong GDP quarter and optimism pushes numbers up. A conflict a thousand kilometres away and capital retreats overnight. The price investors are willing to pay is real information but it answers a different question than most founders think it does.
Prof. Damodaran illustrates this with Coca-Cola and Cott Corporation. Two companies selling similar products. Completely different values. Not because someone added a brand premium on top but because the brand already lives inside the numbers. Higher margins. Stronger pricing power. Better returns on reinvested capital. If something is genuinely valuable, it shows up in the cash flows. It doesn’t need a separate line.
Mulyan takes its name from the Hindi word for valuation. It exists to provide one thing: a DCF-based valuation that explicitly documents every assumption, stress-tests every number and arrives at a conclusion you can read, question and defend.
The process begins with your story- how revenue grows, where margins are going, what it costs to grow, how risk changes as the business matures. Every input is visible. Every assumption can be challenged.
Raise at any price you can negotiate. But before that conversation, know your number.
"That is what Mulyan is for".
When most founders think about valuation, they think about a number. A multiple. What a comparable company raised at. What an investor might offer.
None of that is valuation. That is pricing.
Pricing moves with the mood of the market. A strong GDP quarter and optimism pushes numbers up. A conflict a thousand kilometres away and capital retreats overnight. The price investors are willing to pay is real information but it answers a different question than most founders think it does.
Prof. Damodaran illustrates this with Coca-Cola and Cott Corporation. Two companies selling similar products. Completely different values. Not because someone added a brand premium on top but because the brand already lives inside the numbers. Higher margins. Stronger pricing power. Better returns on reinvested capital. If something is genuinely valuable, it shows up in the cash flows. It doesn’t need a separate line.
Mulyan takes its name from the Hindi word for valuation. It exists to provide one thing: a DCF-based valuation that explicitly documents every assumption, stress-tests every number and arrives at a conclusion you can read, question and defend.
The process begins with your story- how revenue grows, where margins are going, what it costs to grow, how risk changes as the business matures. Every input is visible. Every assumption can be challenged.
Raise at any price you can negotiate. But before that conversation, know your number.
"That is what Mulyan is for".
Ayush srivastav
Founder
I did not come to valuation through a finance job or through big IB's. I found it through a random video of Prof. Aswath Damodaran - the Dean of Valuation globally during my Economics undergraduate years. Before that moment, my understanding of valuation looked like most people's: a founder on television, a ten minute pitch, a number agreed upon before the next commercial break or an headline saying revenue multiples as Valuation.
That understanding broke apart the deeper I went.
Over the years that followed, I watched hundreds of hours of Prof. Damodaran's NYU Stern lectures and worked through valuations of public and private companies until I understood what a properly built valuation actually is : a model where every assumption about growth, margins, reinvestment and risk is documented, visible and challengeable. Not a multiple borrowed from someone else's deal. A structured argument that begins with the story of a business and ends with a number that can be defended.
I studied Advanced Valuation at NYU Stern School of Business under Prof. Aswath Damodaran for Eight months. I also hold a NISM Research Analyst certification and a BA in Economics with Honours. Over the last two years I have worked with founders in India, the UAE and internationally. My Independent valuation work includes Rebel Foods, Zepto, Byju's, Minimalist and Lenskart.
I grew up in a small town. I did not have the head start that comes with being in the right city or the right network. What I had was a genuine obsession with understanding what businesses are actually worth.
I started Mulyan because I kept having the same conversation: a founder walking into a fundraise anchored to a number they hadn't built themselves, negotiating against someone who had done the work they hadn't. The Byju's story is the most visible version of that gap. But the same dynamic- pricing mistaken for valuation plays out at every stage, every sector, every day.
No founder should lose equity, lose leverage or lose clarity simply because nobody built them an honest number.
That is why Mulyan exists. And that is why I built it.
I did not come to valuation through a finance job or through big IB's. I found it through a random video of Prof. Aswath Damodaran - the Dean of Valuation globally during my Economics undergraduate years. Before that moment, my understanding of valuation looked like most people's: a founder on television, a ten minute pitch, a number agreed upon before the next commercial break or an headline saying revenue multiples as Valuation.
That understanding broke apart the deeper I went.
Over the years that followed, I watched hundreds of hours of Prof. Damodaran's NYU Stern lectures and worked through valuations of public and private companies until I understood what a properly built valuation actually is : a model where every assumption about growth, margins, reinvestment and risk is documented, visible and challengeable. Not a multiple borrowed from someone else's deal. A structured argument that begins with the story of a business and ends with a number that can be defended.
I studied Advanced Valuation at NYU Stern School of Business under Prof. Aswath Damodaran for Eight months. I also hold a NISM Research Analyst certification and a BA in Economics with Honours. Over the last two years I have worked with founders in India, the UAE and internationally. My Independent valuation work includes Rebel Foods, Zepto, Byju's, Minimalist and Lenskart.
I grew up in a small town. I did not have the head start that comes with being in the right city or the right network. What I had was a genuine obsession with understanding what businesses are actually worth.
I started Mulyan because I kept having the same conversation: a founder walking into a fundraise anchored to a number they hadn't built themselves, negotiating against someone who had done the work they hadn't. The Byju's story is the most visible version of that gap. But the same dynamic- pricing mistaken for valuation plays out at every stage, every sector, every day.
No founder should lose equity, lose leverage or lose clarity simply because nobody built them an honest number.
That is why Mulyan exists. And that is why I built it.
I did not come to valuation through a finance job or through big IB's. I found it through a random video of Prof. Aswath Damodaran - the Dean of Valuation globally during my Economics undergraduate years. Before that moment, my understanding of valuation looked like most people's: a founder on television, a ten minute pitch, a number agreed upon before the next commercial break or an headline saying revenue multiples as Valuation.
That understanding broke apart the deeper I went.
Over the years that followed, I watched hundreds of hours of Prof. Damodaran's NYU Stern lectures and worked through valuations of public and private companies until I understood what a properly built valuation actually is : a model where every assumption about growth, margins, reinvestment and risk is documented, visible and challengeable. Not a multiple borrowed from someone else's deal. A structured argument that begins with the story of a business and ends with a number that can be defended.
I studied Advanced Valuation at NYU Stern School of Business under Prof. Aswath Damodaran for Eight months. I also hold a NISM Research Analyst certification and a BA in Economics with Honours. Over the last two years I have worked with founders in India, the UAE and internationally. My Independent valuation work includes Rebel Foods, Zepto, Byju's, Minimalist and Lenskart.
I grew up in a small town. I did not have the head start that comes with being in the right city or the right network. What I had was a genuine obsession with understanding what businesses are actually worth.
I started Mulyan because I kept having the same conversation: a founder walking into a fundraise anchored to a number they hadn't built themselves, negotiating against someone who had done the work they hadn't. The Byju's story is the most visible version of that gap. But the same dynamic- pricing mistaken for valuation plays out at every stage, every sector, every day.
No founder should lose equity, lose leverage or lose clarity simply because nobody built them an honest number.
That is why Mulyan exists. And that is why I built it.
Mulyan is an independent valuation advisory practice. All analysis published on this website is provided solely for informational and educational purposes and does not constitute investment advice, a recommendation to buy or sell any security, or a statutory valuation under IBBI, SEBI, or any other regulatory framework. Mulyan is not a SEBI-registered Research Analyst or Investment Adviser. Where a regulatory or compliance valuation is required, the engagement of a Registered Valuer or other appropriately authorised professional may be necessary.
Mulyan is an independent valuation advisory practice. All analysis published on this website is provided solely for informational and educational purposes and does not constitute investment advice, a recommendation to buy or sell any security, or a statutory valuation under IBBI, SEBI, or any other regulatory framework. Mulyan is not a SEBI-registered Research Analyst or Investment Adviser. Where a regulatory or compliance valuation is required, the engagement of a Registered Valuer or other appropriately authorised professional may be necessary.
Mulyan is an independent valuation advisory practice. All analysis published on this website is provided solely for informational and educational purposes and does not constitute investment advice, a recommendation to buy or sell any security, or a statutory valuation under IBBI, SEBI, or any other regulatory framework. Mulyan is not a SEBI-registered Research Analyst or Investment Adviser. Where a regulatory or compliance valuation is required, the engagement of a Registered Valuer or other appropriately authorised professional may be necessary.