Dhruv Tandan
Verified Expert in Finance
Finance Expert
Hyderabad, Telangana, India
Toptal member since June 4, 2018
Dhruv has worked on successful finance and consulting projects worth over $1 billion, focusing on tech, energy, and life science companies across the US, Asia, and Africa. He currently serves as a fractional CFO for multiple startups, is a partner at AND Business Consulting, and has more than 15 years of experience in FP&A, fundraising, startup consulting, M&A, and project finance. With an MBA in finance, Dhruv enjoys the exposure and sheer variety of assignments that come with freelancing.
Career Highlights
Education Highlights
Certification Highlights
Case Studies
Expertise
- Business Planning
- eCommerce
- Financial Modeling
- Financial Planning & Analysis (FP&A)
- Fundraising
- Renewables
- SaaS
- Startups
Work Experience
Fractional CFO
Molecular You
- Built the detailed financial plan and model for all revenue channels and operations of the company for the next five years, including a detailed breakdown of R&D, use of funds, hiring plans, and three-statement models.
- Reported to the CEO and carried out all recurring virtual CFO and FP&A functions, including short-term cash flow forecasting, monthly performance tracking, and long-term planning.
- Implemented transition to Carta (digital cap table management) with over 75 stakeholders. Organized five years of transactions into the digital ledger and updated it regularly to maintain it as a single source of truth.
- Set up and maintain all virtual data rooms (VDR) on DocSend for the company's upcoming fundraising process.
- Set up internal finance and accounts best practices and SOPs and oversaw accounting functions.
Head of FP&A
Lucid Green
- I built the detailed financial plan and model for all revenue channels and operations of the Company, including detailed use of funds, hiring plans, and three-statement models.
- Reported to the CEO and performed all recurring FP&A functions, including short-term cash flow forecasting, monthly performance tracking, and long-term planning.
- Analyzed, prepared, and submitted all supporting documentation for monthly invoice generation.
- Helped develop a reporting format and metrics for reporting to the CXO, board, and investors.
Finance Expert (via Toptal)
Toptal Projects
- Built detailed financial models for both the holding and project companies for a $5 million pre-Series A funding. The client, Genh.co, is an innovative modular hydropower generation company in the United States.
- Prepared the financial model and cash flow forecasts for Refactr.it, a US-based B2B SaaS company, for a $5 million pre-Series A fundraising.
- Constructed the financial model and valuation for a US-based medical device company with $500,000 in annual revenue in preparation for a Series A fundraising.
- Drew up the financial model and strategy for Gigworks.co, an eCommerce company and freelance community in SE Asia, targeting a $1 million seed in fundraising.
- Composed the consolidated and standalone model for four business units of an American nutrition company experiencing hyper-growth. The financial model included customer funnels, CAC, LTV, three-statement models, sensitivities, and variance analyses.
- Prepared the detailed three-statement financial model and reporting formats for iSocrates.com, an enterprise SaaS product and service company, for fundraising and internal KPI tracking. Provided ongoing support to them on FP&A and related models.
- Developed a financial model for three geographies for a $40 million turnover B2B SaaS company in workforce management. The model included customer funnels, LTV/CAC, payback calculations by region, hiring plans, and three-statement forecasts.
- Built the detailed financial model for four separate revenue channels for a funded US-based healthtech company with SaaS product and service offerings. The model included cohort analysis, customer funnels, LTV/CAC, and three financial statements.
- Assisted Eligo Energy, a leading energy retailer in the USA. Improved the functionality and accuracy of their consolidated financial model. Built out the cohort analysis, churn, error checking, summary reports, and model audit.
- Contributed expertise to Evryman, a US social health and wellness company, on their first fundraising round, approximating $1 – 2 million. Prepared detailed financial models for all revenue channels, financial KPI tracking, cohort analysis, and LTV/CAC.
Partner
AND Business Consulting
- Prepared the detailed three-statement financial model, valuation, and LTV and CAC calculations for an electric vehicle corporation's $21 million Series A round and upcoming $65 million Series B round.
- Secured the term sheet for $750,000 of angel funding for the master franchisor of F45 Training, a leading international fitness chain. Prepared the information memorandum, pitch deck, and financial model and reviewed investor term sheets.
- Carried out market research on the life sciences, education, and industrial infra sectors for Cerestra, a leading private equity firm (Cerestra.in), raising a $300 million fund and seeking to list it as a REIT/InvIT.
- Elaborated the business plan, market entry strategy, and financial model for a leading hotel chain seeking to diversify into D2C food products for their online and offline distribution models. The product has been pilot-launched.
- Obtained $1 million of angel and venture capital funding for Our Food (Ourfood.co.in), an agri-tech startup. The funding was needed to expand its domestic operations. Prepared the business plan, pitch deck, financial model, and term sheets.
- Built detailed financial models for the World Bank to help monitor the performance of select power distribution companies in India with revenues over $5 billion.
- Carried out the financial and commercial due diligence, valuation, and financial modeling for the M&A buy-side transaction of a Canadian data center company on behalf of an angel investor group. It led to successful investment in the target company.
- Assisted Deccan Healthcare (Deccan.healthcare), a wellness product company, to raise $6 million from its 2018 IPO by preparing the company information memorandum and financial model.
- Prepared the information memorandum, pitch deck, and financial model for a $3 million fundraiser for Zystus (Zystusnutraceuticals.com), an Indian nutraceutical company.
- Drew up the project feasibility report, financial model, and pitch deck for an integrated 50 MW $150 million natural gas to a bitcoin mining project in Alberta, Canada. Fundraising is currently in progress.
Fractional CFO (via Toptal)
Crgo, Inc.
- Built the detailed financial plan and model for all revenue channels and operations of the company for the next 10 years, including a detailed breakdown of R&D, use of funds, hiring plans, and three-statement models.
- Reported to the CEO and carried out all recurring FP&A functions for six months, including short-term cash flow forecasting, monthly performance tracking, and long-term planning.
- Shortlisted and selected an outsourced bookkeeping firm and tax advisors for R&D tax credit and annual filings.
- Set up internal finance and accounts best practices and SOPs; onboarded the bookkeeper and monitored all accounting functions.
- Developed a reporting format and metrics for reporting to the CXO, board, and investors. Helped manage cap table and option grants on Pulley.
Head of FP&A (via Toptal)
Phyxd, Inc.
- Built the detailed financial model for four revenue channels and consolidated operations of the company, including SaaS and services modeling, cohort analysis, customer funnels, LTV/CAC calculations, use of funds, hiring plans, and three-statement models.
- Reported to the CFO and carried out all recurring FP&A functions for three years, including short-term cash flow forecasting, monthly performance tracking, and long-term planning.
- Developed a revenue pipeline model to project account-wise revenue across channels.
- Helped develop a reporting format and metrics for reporting to the CXO, board, and investors.
Senior Manager
Spark Infra Advisors Pvt
- Led a cross-functional team for the end-to-end project development for a $3 million solar power project. Handled all activities, from bid submission to financial closure to successful design, construction, and commissioning of the project.
- Handled project financing activities (contract analysis, financial analysis, modeling, and documentation) for Sarayu Group for a $15 million wind power project. Phase 1 ($3 million) was successfully commissioned, and the rest is under implementation.
- Provided project financing support, including contract analysis, financial analysis, modeling, and documentation, for KVK Group's $50 million solar power project in Nigeria. The agreement was executed, and the project is under implementation.
- Performed due diligence, contract drafting, and negotiation for KVK Group to sell a coal power project in India, completing the transaction successfully.
- Built a financial model and analyzed contracts for a client's tariff dispute with the state electricity board. Settled the claim in favor of the client with a claim amount of around $3 million.
- Carried out financial feasibility and detailed cost of real estate investments in the residential, commercial, and mixed-use sectors for an HNI/Angel investor. The client completed the investment of $10 million based on the assessments.
- Provided contract drafting, negotiation, and investor documentation for Sarayu Group to sell a wind power project in India, thereafter the transaction was completed.
Associate
Synergy Consulting, Inc.
- Performed financial modeling and debt structuring for a consortium consisting of ACWA Power's and Siemens' participation in the competitive bid for Dubai’s first independent power project (IPP) with a project cost of $500 million.
- Built a detailed financial model and performed a contract review for Saudi Aramco for the first district cooling project financed on a non-recourse basis in the Middle East and North Africa (MENA) region, with a project cost of $160 million.
- Carried out due diligence, valuation, and financial modeling for TAQA, Abu Dhabi's energy holding company, for acquisition (via a competitive bid) of two coal power projects (buy-side) with a project cost of $100 million.
- Built a detailed financial model for Marafeq Qatar for the development of a district cooling project in Lusail City, the largest development in Qatar, with a project cost of $75 million.
- Analyzed the contract structure and financial projections of an IPP with a methane extraction plant worth $200 million. The project was part of the Rwandan government's private-public partnership (PPP) initiative.
- Carried out due diligence, valuation, term sheet drafting, and financial modeling for PPN Power for the sale of a coal power project in India (sell-side), with a project cost of $50 million.
- Handled the contractual and financial analysis for Qatar Electricity and Water Company for extension of the concession agreement for its independent water and power project in Qatar.
Education
Master of Business Administration (MBA) Degree in Finance
Indian Institute of Management Ahmedabad - Ahmedabad, India
Bachelor's Degree in Electrical and Electronics Engineering
Chaitanya Bharathi Institute of Technology - Hyderabad, India
Certifications
Valuation (Online Class)
Aswath Damodaran
Venture Deals
TechStars and Kauffman Fellows
Learning Python
LinkedIn Learning
Python and Statistics for Financial Analysis
The Hong Kong University of Science and Technology
Tableau — Desktop I
Tableau Software
SEO for WordPress (Block and Classic Editors)
Yoast SEO Academy
Certification in Financial Markets (Derivatives)
National Stock Exchange of India
Skills
Finance
Startup Funding, Market Research, Debt, Feasibility, Financial Reporting, Discounted Cash Flow (DCF), P&L Forecasting, Fundraising, Budgeting, Power Purchase Agreements (PPA), Revenue & Expense Projections, Seed Fundraising, Angel/Seed Funding, Financial Modeling, Financial Model Auditing, Financial Benchmarking, Financial Planning & Analysis (FP&A), Project Finance, Return Analysis, Investment Return Scenario Analysis, Forecasting, Three-statement Modeling, Cash Flow, Cash Flow Modeling, Profitability Analysis, Valuation Modeling, M&A (Sell-side), Financial Management, Profit & Loss (P&L), Revenue Modeling, Pro Forma Financial Statements, ROI, DCF Valuation, Asset Valuation, Valuation Analysis, Equity Valuation, Internal Financial Reporting, Financial Advisory, Private Equity, Cost Benchmarking, Risk Analysis, Due Diligence, Valuation, Mergers & Acquisitions (M&A), Corporate Finance, M&A (Buy-side), Capital Budgeting, Venture Funding, Venture Debt, Customer Acquisition Cost (CAC), Monthly Recurring Revenue (MRR), Credit/Debt, Five-year Projections, Total Addressable Market (TAM), Accounting, Customer Lifetime Value (CLV), Deal Analysis, Business Intelligence (BI), Structured Finance Documentation, Investment Monitoring, Financial Regulations, CFO, Finance Strategy, Transaction Structuring, Finance Process Improvement, Data Analysis, Series A, Convertible Notes, Debt Raises, Finance Structures, 409A Valuation
Output Software
Google Docs, Microsoft Word, Microsoft Excel, Microsoft PowerPoint, Excel 2016, Excel 2013, Google Sheets, Google Slides
Industry Expertise
Alternative Energy, Renewable Energy, Energy, Early-stage Startups, Bitcoin, Natural Gas, Coal, Hydro Power, Power Plants, Venture Capital, Consumer Products, Financial Services, Food Production, Software, Hospitality, Amusement Parks, Retail & Wholesale, Technology, Logistics, Agriculture, Healthcare, Real Estate, Health & Wellness, Food & Beverage, Nutraceuticals, Health
Geographic Expertise
India, Middle East, Africa, United States, Singapore, United Kingdom
Data & Analysis Software
Financial Data, Tableau, QuickBooks Online, Intuit QuickBooks
Other
Business Strategy, Financial Analysis, FPA, Energy Sector Expert, Business Plan Consulting, CleanTech, IRR, Financial Statement Preparation, Break-even Analysis, Feasibility Studies, Excel Modeling, Reporting, Excel Expert, Investor Presentations, Information Memoranda, Renewables, Business Planning, Solar, Power Generation, Project Bidding, Scenario Analysis, Sensitivity Analysis, Pitch Decks, Business Models, Startups, Early-stage Funding, Early-stage Venture Capital, Financing, Angel Investing, Investments, Budget Modeling, Financials, Pitch Deck Consultant, Financial Forecasting, P&L Analysis, Due Diligence Consultant, Excel 365, Financial Reporting Dashboards, Dashboards, Key Performance Indicators (KPIs), Finance, Cash Flow Management, Revenue Projections, Revenue Analysis, Analysis of Variance (ANOVA), Financial Statements, Operating Models, Relative Valuation, Management, Business Analysis, Variance Reporting, Business Modeling, Financial Operations & Processes, Cap Tables, Capitalization Tables, Business Consulting, Equity, Go-to-market Plans, Startup Consulting, Debt Financing, LTV:CAC, Cryptocoin Mining, Infrastructure, Contract, Indian Companies Act, Complex Transaction Agreements, Market Sector, Investor Agreements, Market Estimates, Competitor Analysis & Profiling, PPP Projects, Contract Drafting, Contract Review, Contract Negotiation, Share Purchase Agreements, Term Sheets, Term Sheet Negotiations, Project Development, Investment Banking, Software as a Service (SaaS), eCommerce, SaaS, Market Sizing, Clean Energy, Green Energy, Excel VBA, B2C, Business to Consumer (B2C), Business to Business (B2B), Loans, Loans & Lending, Fundraising Consultant, Subscription Pricing, Cohort Analysis, Board Reporting, Investor Reporting, Key Performance Metrics, Fractional CFO, Information Technology, Manufacturing, Virtual CFO, Process Improvement, Market Research & Analysis, Consumer Health, Excel Macros, Costing, Market Insights, Market Entry, Operating Analysis, B2B, Sales Funnel, Interim CFO, Platforms, Marketplaces, Data Centers, Data Center Infrastructure, Consumer Packaged Goods (CPG), Education, Medical Devices, Direct to Consumer (D2C), FMCG, Enterprise SaaS, Medtech, Blockchain & Cryptocurrency, Cryptocurrency, Online Sales, Subscriptions, Telehealth, Crypto, Data Rooms, Business Structuring, Electrical Engineering, Python, SEO Tools, Yoast SEO, Organic SEO, WordPress, WordPress Optimization, Derivatives, Futures & Options, Xero
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