The Work

Valuations built in public.
The same way private ones are built.

Every published valuation is built independently using publicly available information. The objective isn't to predict market prices or explain headlines. It is to understand what a business is worth when its story is translated into assumptions the numbers can support. The same discipline applied here is applied to every client engagement.



Published Research


1

Rebel Foods

"What is India's largest cloud kitchen business actually worth when viewed through unit economics, reinvestment, and long-term cash flows?"

Read valuation →


2

Minimalist

"A bottom-up valuation of one of India's fastest-growing skincare brands, built by understanding category economics, brand strength, and the drivers of long-term cash flows."

Read valuation →


3

Byju's

"Long before the markdowns became headlines, the underlying cash flows were telling a different story. A study in the difference between market pricing and intrinsic value."

Read valuation →


4

Zepto

"A valuation built from dark-store economics, contribution margins, and reinvestment not funding headlines."

Read valuation →


01 / Rebel Foods

"What is India's largest cloud kitchen business actually worth when viewed through unit economics, reinvestment, and long-term cash flows?"

Read valuation →


02 / Minimalist

"A bottom-up valuation of one of India's fastest-growing skincare brands, built by understanding category economics, brand strength, and the drivers of long-term cash flows."

Read valuation →


03 / Byju's

"Long before the markdowns became headlines, the underlying cash flows were telling a different story. A study in the difference between market pricing and intrinsic value."

Read valuation →


04 / Zepto

"A valuation built from dark-store economics, contribution margins, and reinvestment not funding headlines."

Read valuation →




"These analyses were first published in Founders & Numbers,

a newsletter on the financial stories behind startups."


Subscribe on Linkedin →

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.