Publication
How to Value a Fintech Startup
https://www.toptal.com/finance/valuation/how-to-value-a-fintech-startup
Nirvikar is available for hire
Hire NirvikarNirvikar Jain
Verified Expert in Finance
Finance Expert
Location
Stanford, CA, United States
Toptal Member Since
June 14, 2018
Nirvikar has helped raise $20+ billion of capital and built lines of business as an experienced CEO, banker, and strategist at ICICI, Citi, Bank of America, and FAB. He is an entrepreneur and active board member for startup companies, advising on strategic initiatives and capital raising. Working freelance, Nirvikar enjoys leveraging his background as an entrepreneur and executive to drive profitable growth at companies from various industries.
Career Highlights
CFO
Dreambig Semiconductor Inc.
Chief Executive Officer, India
First Abu Dhabi Bank - PJSC
Vice President, Trade and Supply Chain Solutions
Bank of America Merrill Lynch
Education Highlights
Master's Degree
Stanford University
Master of Business Administration (MBA)
XLRI Jamshedpur
Bachelor's Degree
Delhi University
Certification Highlights
Digital Transformation: Platform Strategies for Success
MIT Management: Executive Education (Online Course)
Digital Strategies for Business: Leading the Next Generation Enterprise
Columbia Business School: Executive Education (Online Course)
Case Studies
Industry Expertise
Other Expertise
Work Experience
Managing Director | Tech M&A-focused Investment Banker
2023 - PRESENT
Woodside Capital Partners
- Built a fintech-focused investment banking practice for Woodside Capital Partners (WCP).
- Explored deals from the APAC and MEA regions into WCP's fold.
- Published reports on fintech sectors to help explain the entire landscape's evolution.
Focus areas: Fintech
Global Business Officer (Chief of Revenue) | Head of Alternate Channels
2022 - PRESENT
Volopay (YCS20 B2B SaaS Expense Management Fintech)
- Cut down the company CAC by over 70, driven by the new strategy, processes, and performance-based culture.
- Improved cash flows by removing cash backs and streamlining marketing expenses.
- Revamped product pricing across three global markets.
Focus areas: Sales Growth, Go-to-market Strategy, Pricing, Enterprise SaaS, Software as a Service (SaaS), SaaS, Loans & Lending, Credit Underwriting, Underwriting, Lending, Business Strategy, Forecasting, Internal Financial Reporting, Accounting, Revenue & Expense Projections, Banking & Finance, Global Banking, Pricing Models, Management Consulting, Corporate Strategy, Budgeting, COO, Fundraising Strategy, Key Performance Indicators (KPIs), Hiring, Three-statement Modeling, Venture Capital, Excel Modeling, Growth Strategy, Entry Strategy, Early-stage Startups, eCommerce, Financial Services, Startups, Valuation Modeling, CEO, CFO, Business Plan Consulting, Business Models, Investments, Structured Finance, Specialty Finance, Debt, Private Credit, Fintech Consultant, Interim CFO, Part-time CFO, Controller, Buy Now Pay Later (BNPL), Startup Growth Strategy Development, Startup Funding, Risk & Compliance, Strategic Planning
Startup Judge | Mentor | Advisor
2019 - PRESENT
Startup-O
- Evaluated the startups applying to the platform.
- Reviewed the entire business and execution model and assessed the momentum.
- Judged the startup on its potential to succeed financially as well as on a team and execution capability.
Focus areas: Fundraising, Pitch Decks, Early-stage Funding, Software as a Service (SaaS), Pricing, Fintech, Management Consulting, Corporate Strategy, Venture Capital, Excel Modeling, Growth Strategy, Strategy, Early-stage Startups, Startups, Valuation Modeling, Startup Accelerators, Business Plan Consulting, Fintech Consultant, Interim CFO, Part-time CFO, Buy Now Pay Later (BNPL), Startup Growth Strategy Development, Startup Funding, Strategic Planning
Trade Finance Consultant
2023 - 2023
Afrinvest Global
- Helped identify trade finance banking products applicable to their line of business.
- Helped identify 3-4 banks that might be the best fit to build a relationship.
- Identified and found connections to 4-5 key people in identified banks to connect with the client to start building a relationship.
Focus areas: Trade Finance, Financial Services, Banking & Finance, Import/Export, Food
Advisor | Strategy, GTM, Finance
2023 - 2023
HoloWorld
- Helped assess and prioritize various business opportunities for an AI and robotics startup.
- Set up the global financial structure for various entities.
- Developed the business model, revenue model, and pricing for products and services.
Focus areas: Finance, Go-to-market Strategy, COO, Fundraising Strategy, Key Performance Indicators (KPIs), Board Reporting, Hiring, Three-statement Modeling, Venture Capital, Excel Modeling, Growth Strategy, Early-stage Startups, Startups, Valuation Modeling, CFO, Business Plan Consulting, Business Models, Interim CFO, Part-time CFO, Controller, Buy Now Pay Later (BNPL), Startup Growth Strategy Development, Startup Funding, Strategic Planning
CFO
2021 - 2022
Dreambig Semiconductor Inc.
- Created the entire financial system, including accounting, finance, payables, budgeting, and forecasting.
- Built a detailed financial and valuation model to support Series A and Series B fundraising.
- Set up the investor pitch deck for VC fundraising and managed the investor interaction process.
Focus areas: Capital Raising, Valuation, Financial Modeling, Pitch Decks, Early-stage Funding, Business Strategy, Forecasting, Internal Financial Reporting, Intuit QuickBooks, Revenue & Expense Projections, Global Banking, Pricing, Pricing Models, Market Assessment, Corporate Strategy, Budgeting, Fundraising Strategy, Key Performance Indicators (KPIs), Hiring, Venture Capital, Excel Modeling, Growth Strategy, Strategy, Entry Strategy, Early-stage Startups, Startups, Valuation Modeling, CFO, Business Plan Consulting, Business Models, Interim CFO, Part-time CFO, Controller, Startup Funding, Credit/Debt, Strategic Planning
CEO
2021 - 2021
DLabs - Indian School of Business Accelerator/Incubator
- Set up the DLabs seed investment program and made the first six startup seed investments.
- Launched a new engagement program with past cohorts and initiated highly successful social media activities around promoting those.
- Initiated outreach to large corporations to support innovation programs. As part of this, I built a pipeline of deals with some of the largest corporations and MNCs in India.
Focus areas: Early-stage Venture Capital, Alternative Investments, Market Assessment, Budgeting, COO, Key Performance Indicators (KPIs), Board Reporting, Hiring, Venture Capital, Excel Modeling, Growth Strategy, Strategy, Early-stage Startups, Startups, Valuation Modeling, CEO, Startup Accelerators, Business Plan Consulting, Business Models, Investments, Structured Finance, Specialty Finance, Private Credit, Interim CFO, Part-time CFO, Buy Now Pay Later (BNPL), Startup Growth Strategy Development, India, Startup Funding, Asia, Strategic Planning
Strategic Advisor
2020 - 2021
Self-employed
- Helped an African fintech to build a buy now, pay later (BNPL) product.
- Advised a middle east payments fintech on valuation model for its Series A fundraise.
- Advised a UK proptech in building its valuation model to support Series A fundraise.
- Judged and mentored startups at the Singapore-based venture builder Startup-O.
Focus areas: Fund of Funds, Valuation, Early-stage Venture Capital, Pitch Decks, Business Strategy, Business Plan Consulting, Business Models, Strategy, Company Formation, Fintech, Management Consulting, Market Assessment, Corporate Strategy, Three-statement Modeling, Venture Capital, Excel Modeling, Growth Strategy, Entry Strategy, Early-stage Startups, eCommerce, Startups, Valuation Modeling, Startup Accelerators, Fintech Consultant, Interim CFO, Part-time CFO, Controller, Buy Now Pay Later (BNPL), Startup Growth Strategy Development, Startup Funding, Risk & Compliance, Strategic Planning
Fintech Mentor
2020 - 2021
Plug and Play Tech Centre
- Advised six promising fintech startups on their strategy, go-to-market, and international expansion plans.
- Connected startups in the area of blockchain and AI with potential clients.
- Helped multiple fintech startups identify client personas and decision-makers in global banks for their products.
Focus areas: Advisory, Mentorship, Pitch Decks, Early-stage Funding, Banking & Finance, Fintech, Management Consulting, Corporate Strategy, Fundraising Strategy, Hiring, Venture Capital, Excel Modeling, Growth Strategy, Early-stage Startups, eCommerce, Valuation Modeling, Startup Accelerators, Business Plan Consulting, Business Models, Interim CFO, Part-time CFO, Buy Now Pay Later (BNPL), Startup Growth Strategy Development, Startup Funding, Strategic Planning
Chief Executive Officer, India
2012 - 2018
First Abu Dhabi Bank - PJSC
- Established FAB as a successful wholesale bank in India, ranking eighth overall in the 2017 Indian US$ loan league table.
- Devised focused client and product selection strategy, optimized risk-adjusted returns across the asset portfolio, and created a rapid credit approval customer process to increase loan volume to build FAB India into one of the bank's most profitable global branches. The Indian operations generated millions of dollars in revenue and profit, growing the loan book from zero to $5+ billion in six years while raising $15+ billion in total capital for its clients.
- Built a robust Indian business platform, establishing strong relationships in corporate finance and advisory and creating cross-sell capabilities across product lines including loans and syndication, debt capital markets (DCM), foreign exchange, interest rates, currencies, commodities, and trade finance.
- Established an FPI account for the FAB treasury team to expand their access to local Indian onshore INR bonds. This FPI account enabled FAB to close two high-yield transactions including the first Asia-Pacific commodity hedging deal for the bank with a major Indian steel company.
- Managed the merger integration between FGB and NBAD that resulted in the creation of FAB, ensuring continuity in business and establishing a long-term strategic plan and implementation roadmap. Led the executive committee in charge of managing a complex integration, ensuring alignment across the team.
- Built and managed a high-quality credit portfolio with a low number of non-performing assets that had loss rates of less than 1% and loss given default rates of 9-15%. Directed all portfolio restructuring efforts with other banks, monitored the financial health and managed executive level relationships of financially distressed companies to drive successful outcomes.
- Developed the India-specific operating strategy; prepared business, revenue, and implementation plans; built the team; led new client relationship development; managed overall risk and credit; and directed operations, compliance, and governance per the central bank rules.
- Partnered with global banks on marquee deals that were $500+ million with clients including Reliance, Vedanta, Tata Group, and Birla Group.
- Won the first Asia-Pacific corporate bond mandate for the Indian branch in 2017.
Focus areas: Bank Debt Raises, Debt Restructuring, Foreign Exchange (FX) Hedging, Trade Finance, Corporate Finance, Capital Raising, Loans & Lending, Credit Underwriting, Underwriting, Lending, Business Strategy, Forecasting, Accounting, Revenue & Expense Projections, Banking & Finance, Global Banking, Pricing, Pricing Models, Fintech, Market Assessment, Corporate Strategy, Budgeting, COO, Fundraising Strategy, Key Performance Indicators (KPIs), Board Reporting, Mergers & Acquisitions (M&A), Excel Modeling, Growth Strategy, Strategy, Entry Strategy, Financial Services, Startups, CEO, Exit Strategy, CFO, Business Models, Investments, Structured Finance, Specialty Finance, Debt, Private Credit, Asia, Middle East, Post-merger Integration, International Trade, Risk & Compliance, Strategic Planning
Chairman and Founding Director
2015 - 2017
UAE India Business Council
- Led the creation of UAE India Business Council (UIBC), serving as the Chairman and Founding Director charged with working with both the UAE Embassy and other UAE companies in India.
- Built the UIBC organization hiring a Director General and team to run the office, supporting the creation of the operating budget, defining fundraising options, and setting up the organizational infrastructure as well as other governance and compliance requirements.
- Directed the daily activities of UIBC as an executive committee member, helping to establish the short-term and long-term plans; managing newsletter distributions, industry events, and meetings with government officials; and conducting regular reviews to ensure the group was tracking to the financial plan.
- Led meetings between delegations of companies operating in the India-UAE corridor and senior Indian government officials to communicate critical business issues including seat allocation frameworks for airlines, port operations, and investment delays due to government inaction.
Focus areas: Investments, Trade Finance, United Arab Emirates, Business Strategy, Forecasting, Accounting, Revenue & Expense Projections, Budgeting, Key Performance Indicators (KPIs), Board Reporting, Strategy, CEO, Exit Strategy, CFO, India, Asia, Middle East, International Trade
Board Member and Angel Investor
2015 - 2016
Entropy Innovations
- Invested in a startup and represented investors on the Board of Directors for a company that built an innovative machine that automated the cleaning of bikes in an engineered box with low water consumption and high cleaning quality.
- Guided the management team in crafting the growth strategy, helping establish a low-cost marketing strategy that led to the doubling of stores and revenues over a six month period. Conducted monthly reviews of the variance to plan to identify additional areas to generate increased revenue.
- Assessed the company's business and revenue model, the proposed valuation, and the potential exit opportunities during investment due diligence.
- Exited the company profitably generating double-digit a IRR.
Focus areas: Sales, Marketing, Valuation, Revenue Modeling, Business Planning, Capital Structuring, Pitch Decks, Early-stage Funding, Business Strategy, Pricing Models, Management Consulting, Market Assessment, Corporate Strategy, Budgeting, Fundraising Strategy, Key Performance Indicators (KPIs), Board Reporting, Hiring, Venture Capital, Excel Modeling, Growth Strategy, Early-stage Startups, Startups, Valuation Modeling, Business Plan Consulting, Business Models, Interim CFO, Startup Growth Strategy Development, Asia, Strategic Planning
Director of Trade, India
2011 - 2012
National Australia Bank
- Developed a country strategy for the trade business that aligned with the overall Indian banking strategy.
- Developed a trade finance book of $800 million, establishing relationships with large companies operating in the India-Australia corridor including Tata Steel, Reliance, and JSW Steel in only six months, earning the bank annualized revenues of $8+ million.
- Oversaw day-to-day operations and executed the overall mandate for the Indian branch as a member of the executive committee as well as other leadership committees including the risk and asset and liability committees.
- Created detailed India trade finance product approval notes for basic and advanced financial products. Worked with the operations team to ensure that the right systems and processes were in place to ensure efficient product delivery to clients.
Focus areas: Pricing Strategy, Revenue Modeling, Business Planning, Credit Risk, Trade Finance, Early-stage Funding, Credit Underwriting, Underwriting, Lending, Business Strategy, Forecasting, Accounting, Revenue & Expense Projections, Banking & Finance, Global Banking, Pricing, Fintech, Corporate Strategy, Budgeting, Fundraising Strategy, Key Performance Indicators (KPIs), Hiring, Excel Modeling, Growth Strategy, Entry Strategy, Financial Services, Trade, Business Models, Investments, Structured Finance, Debt, Private Credit, Controller, Credit/Debt, International Trade, Risk & Compliance, Strategic Planning
Founder and Investor
2011 - 2011
Bungalowstays.com
- Conceptualized and launched an Indian vacation rental marketplace. Developed a business plan allowing homeowners to monetize their homes, building a revenue model, incorporating the company, hiring a team and launching the company in less than three months.
- Led the technology team and the end-to-end execution of the technology and platform build.
- Led the marketing efforts leveraging email, SMS, social media, and search channels in addition to more traditional offline mediums.
Focus areas: Team Building, Cash Flow Forecasting, Revenue Modeling, Business Planning, Pitch Decks, Early-stage Funding, Software as a Service (SaaS), Business Strategy, Forecasting, Revenue & Expense Projections, Pricing Models, Budgeting, Fundraising Strategy, Hiring, Three-statement Modeling, Venture Capital, Excel Modeling, Growth Strategy, Early-stage Startups, eCommerce, Startups, CEO, Exit Strategy, Business Plan Consulting, Business Models, Controller, Startup Growth Strategy Development, India, Strategic Planning
Vice President, Trade and Supply Chain Solutions
2007 - 2011
Bank of America Merrill Lynch
- Led the team responsible for driving transaction banking sales across India. Achieved financial results that exceeded targets by 10%, built client relationships, and developed innovative trade finance solutions.
- Originated and structured transactions with Reliance, Tata, AV Birla, and JSW Steel, focusing on large ticket structured trade transactions. Built a structured trade finance book of $1.5+ billion, generating a revenue of $4.5 million.
- Accelerated the growth of trade business, expanding its share of total global transaction services revenue from less than 20% to over 60% in just four years.
Focus areas: Trade Finance, Credit Underwriting, Underwriting, Lending, Business Strategy, Forecasting, Accounting, Revenue & Expense Projections, Banking & Finance, Global Banking, Pricing, Budgeting, Fundraising Strategy, Key Performance Indicators (KPIs), Hiring, Mergers & Acquisitions (M&A), Excel Modeling, Growth Strategy, Financial Services, Trade, Business Plan Consulting, Business Models, Investments, Structured Finance, Specialty Finance, Debt, Private Credit, Market Research, Controller, India, Credit/Debt, Asia, International Trade, Risk & Compliance, Strategic Planning
Vice President, Structured Trade and Commodity Finance
2005 - 2007
Citibank
- Led the Citibank India initiative to establish structured trade, commodity finance, and trade syndication businesses in India. Developed detailed product programs for three business lines that included a detailed business plan.
- Structured and executed trade finance deals worth $2+ billion for marquee clients including Reliance and Suzlon, working with a 70+ person coverage and product sales team that achieved revenues of $25+ million.
- Developed the Indian trade syndication market, organizing educational conferences and seminars that promoted the product to Indian banks. Syndicated $140 million of trade loans in 2006, contributing to 10%+ of global trade syndication volumes.
- Built relationships with banks in Dubai, Abu Dhabi, Bahrain, and Kuwait to facilitate the sale of Indian and Asian origination deals, helping develop a new market for selling structured trade transactions originated by the Asia Pacific operations.
Focus areas: Credit Risk, Debtor & Creditor Management, Working Capital Management, Structured Finance, Syndication, Financing, Credit Underwriting, Underwriting, Lending, Business Strategy, Forecasting, Accounting, Revenue & Expense Projections, Banking & Finance, Global Banking, Pricing, Market Assessment, Mergers & Acquisitions (M&A), Excel Modeling, Growth Strategy, Financial Services, Trade, Business Plan Consulting, Investments, Specialty Finance, Debt, Private Credit, Market Research, Controller, India, Credit/Debt, International Trade, Risk & Compliance, Strategic Planning
Chief Manager, Corporate Banking Group
2002 - 2005
ICICI Bank
- Managed corporate relationships comprising annual revenue of $7 million. Led relationships with 30+ clients including top government-owned companies such as NTPC, Power Grid, REC, and PFC, multinational companies including GSK, Coca-Cola, and Pepsi, and Indian corporations such as Dabur, International Tractors, and Claridge’s Hotels, achieving 100% of targeted yearly revenue in just seven months.
- Created and managed an asset portfolio of over Rs 4.0 billion (~$90 million) and exceeded income target of INR 40.0 million ($900,000) in 2004, focusing on 20 active clients in the food and agribusiness sector.
- Structured and concluded one of the first commodity finance transactions for ICICI bank in 2003.
- Built a commodity finance book of $100+ million over two years, funding soybean, cotton, barley and skimmed milk powder using warehouse receipt financing.
Focus areas: Corporate Finance, Foreign Exchange (FX) Hedging, Capital Raising, Project Finance, Cash Flow Modeling, Risk Models, Financial Planning & Analysis (FP&A), Credit Underwriting, Underwriting, Lending, Business Strategy, Accounting, Revenue & Expense Projections, Banking & Finance, Global Banking, Pricing, Market Assessment, Mergers & Acquisitions (M&A), Excel Modeling, Growth Strategy, Financial Services, Valuation Modeling, Trade, Business Plan Consulting, Investments, Structured Finance, Specialty Finance, Debt, Private Credit, Controller, India, Credit/Debt, Agribusiness, International Trade, Commodities, Risk & Compliance, Strategic Planning
Consultant
2001 - 2002
James Martin & Co.
- Participated in strategic and business planning issues, creating a profitable Indian operation.
- Evaluated partnerships and products for developing consultancy and implementation practices with iBilt Technologies, a partner organization offering core technical IT hardware and software solutions.
- Led teams engaging in comprehensive market research, focusing on CRM, supply chain management, e-procurement as well as marketplaces and the automotive industry.
Focus areas: Business Strategy, Revenue & Expense Projections, Management Consulting, Excel Modeling, India, Asia, Strategic Planning
Business Development Manager
2000 - 2001
Esconet Services Limited
- Worked with the CEO of an eCommerce, digital media, and online marketplace provider on corporate strategy and the identification and evaluation of potential alliances and partnerships.
- Evaluated business models, conducted business and financial planning, revenue modeling, and provided project management to the group's various subsidiaries.
- Created the business plan, revenue model, and discounted cash flow valuation model for AutomatrixIndia.com, an automotive marketplace joint venture with i2 Technologies.
- Created a comprehensive discounted cash flow valuation for the holding company, consolidating subsidiary financial performance and providing a holistic view of expected financial performance and valuation.
Focus areas: Business Development, Business Planning, Revenue Modeling, Investments, DCF Valuation, Financial Planning & Analysis (FP&A), Revenue & Expense Projections, Excel Modeling, eCommerce, Business Plan Consulting, Market Research, Startup Growth Strategy Development, India, Asia, Agribusiness, Automotive, Strategic Planning
Marketing and Market Planning Executive
1996 - 1999
Suzuki Motors India (Maruti Udyog Limited)
- Led extensive market research and competitor analysis, providing inputs on all new car models as well as any existing model modifications. Conceptualized and initiated structured market research activity with agencies including ORG-Marg, IMRB, and Gallup. The research results provided inputs that drove the go-forward new product planning efforts of Maruti.
- Initiated and carried out a study of the Indian car market using "Conjoint Analysis," providing a framework that shaped Maruti’s product strategy for the next decade.
- Authored the five-year new product introduction strategy incorporating proprietary research, demand forecasting, capital budgeting, price sensitivity analysis, and competitor market mapping.
- Identified the emergence of the internet and its role in global business, conceptualizing and initiating the development of Maruti’s first customer website.
Focus areas: Capital Budgeting, Financial Planning & Analysis (FP&A), Route to Market, Market Opportunity Analysis, Forecasting, Pricing, Management Consulting, Excel Modeling, India, Asia, Automotive
Other Experience
Education
2019 - 2020
Master's Degree in Business Administration
Stanford University - California, United States
1994 - 1996
Master of Business Administration (MBA) in Finance and Marketing
XLRI Jamshedpur - Jamshedpur, India
1990 - 1993
Bachelor's Degree in Chemistry
Delhi University - New Delhi, India
Certifications
FEBRUARY 2019 - PRESENT
The Data Science Course 2019: Complete Data Science Bootcamp
UDEMY
JULY 2018 - PRESENT
Digital Transformation: Platform Strategies for Success
MIT Management: Executive Education (Online Course)
JULY 2018 - PRESENT
Digital Strategies for Business: Leading the Next Generation Enterprise
Columbia Business School: Executive Education (Online Course)
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