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.
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.
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.
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).
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.
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.
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.
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.
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
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.
How a Business Valuation in India Works
What India Clients Say About Corvian Advisory
Business Valuation India — Frequently Asked Questions
India Business Valuation Multiples by Sector
India mid-market transaction benchmarks — updated 2026. Actual deal multiples depend on earnings quality, growth, and regulatory moat.
| Sector | Multiple Range | India Notes |
|---|---|---|
| Technology / SaaS (B2B) | 15–30× EBITDA | NRR and churn quality critical; ARR multiples for pre-profit (5–15× ARR) |
| Healthcare / Pharma | 10–20× EBITDA | Pharma export capability and branded generics attract premium |
| NBFC / Financial Services | 2–4× Book Value | RBI-licensed NBFCs at premium; asset quality and GNPA ratio key |
| D2C / E-commerce | 3–8× Revenue | CAC, LTV, and brand equity driven; gross margin quality |
| EdTech / Online Education | 6–14× Revenue | Post-pandemic normalisation; offline resilience attracts premium |
| Logistics / Supply Chain | 6–12× EBITDA | First/last-mile, cold chain, and tech-enabled platforms at premium |
| Manufacturing / Engineering | 5–10× EBITDA | Export orientation and Defence/PLI-linked sectors attract premium |
| Professional Services | 5–9× EBITDA | Client concentration and key-man risk discounted heavily |
| Consumer Retail / F&B | 4–9× EBITDA | QSR franchise model at premium; unorganised to organised shift valued |
| Real Estate / PropTech | 4–8× EBITDA | RERA compliance and land bank quality key value drivers |
Corvian Advisory vs Other Valuation Firms for India Mandates
| Firm | CFA-Led | Fixed Fee | India Regulatory Expertise | Delivery | Pricing |
|---|---|---|---|---|---|
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 — IndiaReady 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.
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.
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