⭐ Important points (exam-critical)
- ⭐DCF unsuitable for early-stage startups (no stable cash flows) — use scorecard / VC method.
- ⭐Down-round protections: anti-dilution (broad-based weighted average is common in India).
- ⭐DPIIT recognised startups — Sec 80-IAC tax holiday (3 of 10 consecutive years).
- ⭐SEBI ICDR allows IPO with profitability OR alternative compliance route.
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