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SEBI · IBBI · RBI FEMA · Rule 11UA · Ind AS 103

Business Valuation in India — Independent, CFA-Led, SEBI & IBBI Accepted

Corvian Advisory provides CFA-led independent business valuation in India — for M&A transactions, SEBI regulatory filings, RBI FEMA compliance, IBBI insolvency proceedings, Rule 11UA ESOP valuations, Ind AS 103 PPA, and cross-border India-UAE/GCC transactions. Fixed fee from ₹1,25,000. Reports accepted by SEBI, IBBI, RBI authorised dealers, Indian courts, and Big 4 auditors.

Direct Answer — How Much Does a Business Valuation Cost in India?
SME / startup valuation: ₹1,25,000–4,00,000 (approx. USD 1,500–4,800). Mid-market M&A: ₹4,00,000–12,00,000. Complex / IBBI / Ind AS 103: ₹12,00,000+. Fixed fee, agreed before work begins.
CFA Charterholder Chartered Accountant IVS Compliant Ind AS / IFRS 3 SEBI Accepted IBBI Standard RBI FEMA Compliant Rule 11UA Fixed Fee
₹1.25L
From
2–4 Wks
Delivery
IVS
Standard
15+ Yrs
Experience
IVS
Standard
Ind AS 103
PPA Compliant
SEBI
Accepted
IBBI
Standard Quality
RBI FEMA
Compliant
Rule 11UA
ESOP / Angel Tax
Big 4
Auditor Accepted
NCLT/Courts
Expert Opinion

When Do You Need a Business Valuation in India?

From DPIIT startups needing Rule 11UA valuations to cross-border India-UAE M&A — these are the most common reasons Indian business owners and executives engage Corvian Advisory.

🏢
Selling Your Business in India
A pre-sale independent valuation sets a defensible asking price, identifies value-enhancing adjustments to EBITDA, and gives domestic and cross-border buyers confidence in your numbers. Essential for any structured M&A process.
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SEBI Regulatory Valuation
SEBI requires independent valuations for listed company open offers (SAST), delistings, related-party transactions above LODR thresholds, and scheme of arrangements. Our SEBI-standard reports are accepted by exchanges, boards, and institutional investors.
⚖️
IBBI Insolvency Proceedings
IBBI (Insolvency and Bankruptcy Board of India) requires registered valuer-quality valuations for IBC resolution proceedings — going concern and liquidation basis. Our IBC-context valuations are used by resolution professionals, CoC members, and institutional creditors.
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Rule 11UA — ESOP & Angel Tax Compliance
Rule 11UA under the Income Tax Act mandates fair market value determination for ESOP grants and equity issued to angel investors in unlisted companies. Our Rule 11UA-compliant FMV reports prevent angel tax liability and support DPIIT startup exemption applications.
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RBI FEMA — Cross-Border FDI Compliance
Foreign equity investments in India and ODI by Indian entities must be priced at fair market value under FEMA. Our RBI FEMA-compliant reports are accepted by authorised dealer banks, the RBI, and support seamless FDI and ODI compliance for cross-border transactions.
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Ind AS 103 PPA — Post-Acquisition Accounting
Ind AS 103 (equivalent to IFRS 3) requires purchase price allocation following an acquisition. We identify and value intangible assets (customer relationships, technology, brands, non-compete agreements), allocate goodwill, and prepare deferred tax schedules — accepted by Big 4 and major audit firms.
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Shareholder Dispute — NCLT & High Court
Shareholder disputes in India are adjudicated by the NCLT, NCLAT, or High Courts — all requiring independent expert opinions on business value. Corvian Advisory provides court-ready valuation reports built to withstand cross-examination and judicial scrutiny.
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Startup Valuation — DPIIT & Angel Rounds
DPIIT-recognised startups require independent valuations for angel investor exemptions. Pre-revenue and early-stage Indian startups also need defensible FMV reports for Series A/B fundraising, ESOP scheme setup, and cross-border investor entry under FEMA.
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Cross-Border India-UAE/GCC Transactions
Corvian Advisory specialises in cross-border India-UAE/GCC valuations — for Indian companies with UAE subsidiaries, UAE entities acquiring Indian targets, and DTAA-linked transactions. Dual-jurisdiction reports satisfying both RBI FEMA and UAE regulatory requirements.

India Valuation Regulations — What Every Business Owner Must Know

India has one of the most complex business valuation regulatory frameworks in Asia. Here are the key regulations that affect when and how your business must be valued.

Income Tax Act

Rule 11UA — ESOP & Angel Tax

Rule 11UA prescribes the methods (DCF or NAV) for determining fair market value of unlisted shares. Required for ESOP grants, angel investor rounds, and equity transfers between related parties. Non-compliance creates angel tax liability under Section 56(2)(viib).

SEBI LODR / SAST

Listed Company Valuation

SEBI Takeover Regulations (SAST) require independent fairness opinions for open offers. SEBI LODR requires valuations for material related-party transactions, delistings, and scheme of arrangements for listed companies. Our reports meet SEBI's definition of "independent valuer" requirements.

FEMA / RBI

Foreign Exchange Compliance

FEMA requires arm's-length pricing for all inbound FDI and outbound ODI equity transactions. The price must be determined by a SEBI-registered merchant banker or CA using internationally accepted methods. Incorrect pricing creates significant FEMA penalty exposure.

IBC / IBBI

Insolvency Valuation

IBBI requires IBBI-registered valuers for IBC resolution proceedings. We provide IBBI-standard going-concern and liquidation valuations used by resolution professionals and CoC members to evaluate resolution plans and compare against liquidation value.

Companies Act 2013

Registered Valuer Requirements

Companies Act 2013 requires registered valuers for various corporate transactions — non-cash consideration, buy-back pricing, and certain scheme of arrangement transactions. Our valuations are prepared to registered valuer standards and accepted by MCA and NCLT.

Ind AS 103 / IAS 36

Financial Reporting Valuation

Ind AS 103 requires PPA for business combinations. IAS 36 (adopted as Ind AS 36) requires annual goodwill impairment testing. Our Ind AS-compliant valuations are prepared for Big 4 audit review and used by CFOs to meet financial reporting obligations.

Valuation Methods Used for Indian Businesses

Method 01
Discounted Cash Flow (DCF)
DCF projects free cash flows and discounts to present value using a risk-adjusted WACC. For Indian businesses, we calibrate for India country risk, sector-specific growth rates, INR/USD FX assumptions, and the India growth premium in high-growth sectors like SaaS and D2C. Prescribed under Rule 11UA for unlisted share FMV.
Best for: Growth companies, startups, Rule 11UA FMV, FEMA pricing
Method 02
EV/EBITDA & Revenue Multiples
We benchmark Indian businesses against sector-specific transaction multiples from India, APAC, and comparable global markets. For pre-profit SaaS and tech companies, we use ARR or Revenue multiples calibrated to India's listed tech comp set and recent VC/PE transaction data.
Best for: M&A transactions, SEBI open offers, listed company fairness opinions
Method 03
Net Asset Value (NAV)
NAV values the business based on fair value of underlying assets minus liabilities. Prescribed under Rule 11UA as an alternative to DCF. Particularly relevant for NBFC/financial services firms (where 2–4× Book Value benchmarks apply), holding companies, and asset-heavy manufacturing groups.
Best for: NBFCs, holding companies, manufacturing groups, Rule 11UA option
Method 04
Intangible Asset Valuation (Ind AS 103)
For PPA under Ind AS 103, we identify and value intangible assets using Relief from Royalty (for brands, technology), Multi-Period Excess Earnings (for customer relationships), and Cost approaches — allocating residual goodwill and preparing deferred tax calculations for Big 4 audit review.
Best for: Post-acquisition PPA, M&A targets with significant intangibles

Business Valuation Fees in India — Fixed, Transparent, Agreed Upfront

No hourly billing. No retainer. Fixed fee agreed before work begins — with clear scope and timeline.

SME / Startup
₹1,25,000–4,00,000
Approx. USD 1,500–4,800
ESOP / Rule 11UA, angel round, partner buyout, bank financing, or standalone business valuation.
IVS/Rule 11UA compliant report
DCF + NAV (Rule 11UA methods)
India sector comparables
Delivered in 2–3 weeks
Complex / Ind AS 103
₹12,00,000+
Approx. USD 14,400+
Ind AS 103 PPA, IBBI insolvency, listed company fairness opinions, multi-entity groups.
Full PPA — intangible identification
IAS 36 / Ind AS 36 impairment
Big 4 audit-ready deliverable
NCLT / IBBI expert witness standard
Price promise: Your fixed fee is agreed before any work begins. No hourly billing. No surprises. All India valuations are invoiced in INR or USD at your preference.

How a Business Valuation in India Works

01
Consultation
No-obligation call. Understand your purpose (SEBI, IBBI, FEMA, M&A, Rule 11UA). Fixed fee agreed.
02
Information
3–5 years of Indian GAAP/Ind AS financials and regulatory documentation via secure data room.
03
Analysis
Principal-led normalisation, method selection per India regulatory requirements, India transaction comparables.
04
Report
IVS/Ind AS compliant report in 2–4 weeks. Accepted by SEBI, IBBI, RBI, Big 4, and Indian courts.

What India Clients Say About Corvian Advisory

★★★★★
"We needed a Rule 11UA valuation for our ESOP scheme and a cross-border valuation for our UAE investor round. Corvian handled both with one engagement — the SEBI and RBI FEMA angles were covered rigorously. Delivered in 18 days."
Founder, Indian SaaS Company
B2B SaaS, Bengaluru
★★★★★
"Corvian produced a pre-acquisition valuation for an Indian pharma target we were evaluating. The normalised EBITDA analysis and comparable transaction benchmarking were exactly what our investment committee needed. Genuinely expert work."
Investment Director, India PE Fund
Private Equity, Mumbai
★★★★★
"We engaged Corvian for an Ind AS 103 PPA following our acquisition of a Bengaluru tech firm. The intangible asset identification and allocation was accepted by our Big 4 auditor without any revision requests."
CEO, Indian Manufacturing Group
Industrial Manufacturing, Chennai

Business Valuation India — Frequently Asked Questions

How much does a business valuation cost in India?+
Business valuation fees in India range from INR 1,25,000 to INR 12,00,000+. SME and startup valuations (Rule 11UA, ESOP, angel round): INR 1,25,000–4,00,000. Mid-market M&A, SEBI, and FEMA valuations: INR 4,00,000–12,00,000. Complex IBBI, Ind AS 103 PPA, or listed company fairness opinions: INR 12,00,000+. All fees are fixed-scope and agreed before any work begins.
What is Rule 11UA and why is it required in India?+
Rule 11UA under the Income Tax Act determines fair market value (FMV) for unlisted shares in India. It is required for ESOP grants (to prevent perquisite tax misalignment), angel investor rounds (to prevent angel tax liability under Section 56(2)(viib)), and equity transfers between related parties. The prescribed methods under Rule 11UA are DCF or NAV. Our Rule 11UA-compliant reports are accepted by the Income Tax Department and provide legal protection against angel tax reassessment.
What is an IBBI registered valuer and when is one needed?+
IBBI (Insolvency and Bankruptcy Board of India) requires registered valuers for IBC resolution proceedings — valuing businesses on a going-concern basis and liquidation basis to inform resolution plan evaluation. Corvian Advisory provides IBBI-standard quality valuations used by resolution professionals, Committee of Creditors (CoC) members, and institutional lenders in IBC proceedings.
How does RBI FEMA affect business valuation in India?+
Under FEMA, equity investments by foreign entities in Indian companies (FDI) and by Indian entities abroad (ODI) must be priced at fair market value. The pricing must be determined by a SEBI-registered merchant banker or chartered accountant using internationally accepted methods (DCF or market comparables). Incorrect FEMA pricing creates penalty exposure. Our FEMA-compliant FMV reports are accepted by authorised dealer banks for regulatory filing and RBI reporting.
What are typical business valuation multiples in India?+
India mid-market transaction multiples by sector: Technology/SaaS 15–30× EBITDA (or 5–15× ARR for pre-profit); Healthcare/Pharma 10–20× EBITDA; NBFC/Financial Services 2–4× Book Value; D2C/E-commerce 3–8× Revenue; EdTech/Online Education 6–14× Revenue; Logistics 6–12× EBITDA; Manufacturing 5–10× EBITDA; Professional Services 5–9× EBITDA. Actual multiples depend on earnings quality, growth, customer concentration, regulatory moat, and deal structure.
What is Ind AS 103 PPA and when is it required?+
Ind AS 103 (equivalent to IFRS 3) requires Purchase Price Allocation following a business combination. The acquirer must allocate the purchase price to: identifiable tangible assets, identifiable intangible assets (customer relationships, technology, brands), assumed liabilities, and residual goodwill. Big 4 auditors require a third-party PPA report for any material acquisition by Ind AS-reporting companies. Our Ind AS 103 PPA reports are accepted by Big 4 and major audit firms India.
Can you value Indian unicorn startups or pre-revenue businesses?+
Yes. Corvian Advisory values pre-revenue to Series B/C stage startups in India using stage-appropriate methods: Scorecard and Berkus for early-stage; VC Method and comparable transaction multiples for Series A/B; Revenue/ARR multiples for SaaS. For DPIIT-recognised startups, our Rule 11UA-compliant FMV reports protect angel investors from angel tax under the startup exemption framework.
Do you handle cross-border India-UAE business valuations?+
Yes — this is a core Corvian Advisory strength. We handle cross-border India-UAE/GCC valuations for Indian companies with UAE subsidiaries, UAE entities acquiring Indian businesses, and India-UAE DTAA-linked transactions. Our dual-jurisdiction reports satisfy both RBI FEMA requirements on the India side and UAE regulatory requirements on the UAE side, in a single engagement.
Can you provide SEBI-standard valuation for listed company transactions?+
Yes. We provide SEBI-standard independent valuations for open offers under SAST Regulations, delisting proposals, related-party transactions under SEBI LODR, and scheme of arrangements. Our reports meet SEBI's definition of independent valuer and provide the board and shareholders with an objective fairness opinion.
How much is my business worth in India?+
The value of your business in India depends on sector, normalised EBITDA or revenue, growth rate, customer concentration, regulatory moat, and deal structure. Indian SaaS businesses trade at 15–30× EBITDA; pharma at 10–20× EBITDA; manufacturing at 5–10× EBITDA. The only reliable way to know is an independent valuation using actual India transaction comparables. Corvian Advisory provides this from INR 1,25,000 with delivery in 2–4 weeks.

India Business Valuation Multiples by Sector

India mid-market transaction benchmarks — updated 2026. Actual deal multiples depend on earnings quality, growth, and regulatory moat.

SectorMultiple RangeIndia Notes
Technology / SaaS (B2B)15–30× EBITDANRR and churn quality critical; ARR multiples for pre-profit (5–15× ARR)
Healthcare / Pharma10–20× EBITDAPharma export capability and branded generics attract premium
NBFC / Financial Services2–4× Book ValueRBI-licensed NBFCs at premium; asset quality and GNPA ratio key
D2C / E-commerce3–8× RevenueCAC, LTV, and brand equity driven; gross margin quality
EdTech / Online Education6–14× RevenuePost-pandemic normalisation; offline resilience attracts premium
Logistics / Supply Chain6–12× EBITDAFirst/last-mile, cold chain, and tech-enabled platforms at premium
Manufacturing / Engineering5–10× EBITDAExport orientation and Defence/PLI-linked sectors attract premium
Professional Services5–9× EBITDAClient concentration and key-man risk discounted heavily
Consumer Retail / F&B4–9× EBITDAQSR franchise model at premium; unorganised to organised shift valued
Real Estate / PropTech4–8× EBITDARERA compliance and land bank quality key value drivers

Corvian Advisory vs Other Valuation Firms for India Mandates

FirmCFA-LedFixed FeeIndia Regulatory ExpertiseDeliveryPricing
Corvian Advisory
Boutique · CFA + CA · Big 4 trained
Yes — Principal Yes SEBI · IBBI · FEMA · Rule 11UA 2–4 weeks INR 1.25L–12L
Global Top-Tier Advisory Firms
Big 4 & international networks – India
Varies Hourly Full India coverage 6–12 weeks INR 8L–50L+
India Boutique Valuers (IBBI registered)
India-based registered valuers
Rarely Sometimes India-specific, limited cross-border 3–6 weeks INR 80K–5L
Investment Banks (Axis Capital, JM Financial)
India IB with valuation teams
Sometimes Retainer + Fee Listed company focus 4–8 weeks INR 5L–25L+

Need M&A Advisory in India? We Do That Too.

Business valuation is one side of a transaction. If you are buying or selling a business in India — or pursuing a cross-border India-UAE/GCC deal — Corvian Advisory also provides full M&A advisory. No retainer fee. 2–5% success-based engagement.

Explore M&A Advisory — India
Mumbai
Financial Capital
Delhi NCR
Government & PE Hub
Bengaluru
Tech & Startup Ecosystem
Hyderabad
Pharma & IT Hub
Chennai
Manufacturing & Automotive
PAN-India
All Major Cities

Ready to Know What Your Business Is Worth in India?

Valuing India's Digital Economy —
SaaS, IT Services, Brands & Technology

India's most valuable businesses are increasingly intangible-driven: the Bengaluru and Chennai SaaS cluster selling globally from day one, IT services firms whose value lies in client relationships and delivery capability, UPI-era fintech platforms built on software and data, and consumer brands that command decades of trust across a billion-person market. When these businesses raise capital, sell, or restructure — including into the very active India–GCC investment corridor — the intangible assets are the deal.

Corvian Advisory values the full range of intangible assets recognised under Ind AS 38, IAS 38, and IVS for Indian businesses: software and source code, SaaS platforms, AI and machine learning models, trademarks and brands, customer relationships and contract books, licensing and franchise agreements, databases and data assets, mobile applications, and trade secrets. Methods follow international practice — relief-from-royalty for brands and technology licensing, the multi-period excess earnings method (MPEEM) for customer relationships and core technology, and replacement cost for internally developed software — reconciled to enterprise value and documented for Ind AS 103 / IFRS 3 purchase price allocation and impairment testing.

Typical India engagements include: valuations for Indian SaaS and technology companies raising from or selling to Gulf investors; purchase price allocation after cross-border acquisitions; brand valuations for family business restructuring and licensing; IP transfer pricing support for India–UAE holding structures; and fair value reporting for funds holding Indian technology assets.

Who values intellectual property and intangible assets in India? Corvian Advisory provides CFA-led, IVS-compliant IP and intangible asset valuations for Indian and cross-border engagements — accepted by Big 4 auditors and international investors. See our dedicated intangible asset valuation, brand & trademark valuation, startup valuation, and purchase price allocation services.

Get In Touch

Start a Confidential Conversation
About Your Valuation or Transaction

Every engagement begins with a confidential discussion – no pressure, no obligation. Tell us what you need: an independent valuation, a deal you are working on, or a transaction you are evaluating. We respond within 24 business hours. All communications are strictly confidential.

Location
Dubai, United Arab Emirates
Serving UAE · KSA · Qatar · Kuwait · Bahrain · Oman · EMEA · APAC
Response Time
Within 24 business hours · All communications strictly confidential

Thank you. We will respond within 24 business hours. All communications are strictly confidential.