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How StopDown counts: rounds, amounts, company numbers and valuations

By Abha Lohia, Editor · Updated

Every total on StopDown's trackers, monthly reports, company pages and comparisons follows the rules on this page. When a number here differs from another tracker's, the reason is almost always one of these rules.

What counts as a funding round

  • A round counts when the company announces it or a reliable outlet reports it with the company named. We write the story in our own words and link the row to it.
  • Equity rounds raised by Indian startups count. Talks, planned raises, proposals, term-sheet rumours and "in advanced discussions" stories are left out until the money closes.
  • Capital moves by listed companies and large corporate groups (rights issues, QIPs, block deals, bonds) are not startup funding rounds and stay out of the funding totals. They appear on the company's own page and in the IPO and deals trackers where they belong.
  • Debt rounds are listed only where a tracker says it lists them, and are kept out of the equity totals. Grants, prize money and government scheme disbursals are not rounds.
  • One round per company per month. When the same raise is reported twice (a first close and a final close, or a regulatory filing after the announcement), the fuller figure stands and the earlier row is folded into it.

Amounts and currency

  • Amounts are as reported on the day. Where only a rupee figure was given, we convert it at one fixed rupee-dollar rate for the year so months can be compared; where only a dollar figure was given, the rupee figure is not invented.
  • The rupee-dollar rate used is a fixed yearly rate: ₹88 to the dollar for 2026.
  • An undisclosed round is counted as a round but adds nothing to the money totals. "Rounds with a disclosed amount" is therefore smaller than "rounds".
  • Medians and averages use disclosed amounts only.

Company revenue, profit and other numbers

  • Financial years follow the Indian convention: FY26 is April 2025 to March 2026. A company page states the year next to every figure.
  • Revenue means revenue from operations unless the row's note says total income. Profit means net profit after tax; a bracketed or negative figure is a loss. Consolidated figures are used where a company reports both, and the note says which.
  • Figures come from the company's filings and results statements as reported by the company or by outlets we link, or from the company's own statements. A company-stated figure that has not been filed is labelled a company figure.
  • When sources disagree on a figure, we leave it out rather than pick one, and the company page says so where it matters.
  • Numbers can change: companies restate, filings follow announcements by months. Each company page carries the date it was last updated, and every figure links to the story or table that reported it.

Valuations and "net worth"

  • A valuation is a dated number tied to an event: a priced round, a secondary sale, a tender offer, or a statement by the company or its investors. We say which, and when.
  • StopDown publishes no estimated valuations and no "net worth" figures. A private company does not have a net worth in the sense people search for; it has a last disclosed valuation, which is what the page shows.
  • Pre-money and post-money are kept apart where the source makes the distinction; where it does not, the figure is shown as reported.

Investors and "most active"

  • An investor is counted once per round it was named in, whether it led or joined. Lead roles are shown where the announcement named a lead.
  • "Rounds joined add up to" is the size of those rounds, not the investor's own cheque, which is rarely disclosed.
  • Investor pages list the Indian portfolio from our stories plus a researched list with its sources. A company with no StopDown story yet appears without a link until its first card.

Sectors, stages, cities and labels

  • Each company sits in one primary sector out of fourteen, decided by what it sells and to whom, with sub-sectors underneath. A company that changes its business can change sector.
  • Stages are as the company or the announcement named them (pre-seed, seed, pre-Series A, Series A and so on). Unlabelled rounds are shown without a stage, never guessed.
  • Cities are the headquarters the company states. Delhi, Gurugram and Noida are shown separately and grouped as Delhi NCR where a tracker says so.
  • A unicorn is a startup valued at one billion dollars or more at a priced round or in a statement by the company or its investors. The unicorn tracker lists the event and date for each.
  • Layoffs and shutdowns are counted as reported by the company or by outlets we link, with the number of people where one was given.
  • Women-led means a founder or the chief executive is a woman according to a public statement by the company or the person. Nothing is inferred from a name.
  • IPO steps follow the public process: draft prospectus filed, regulator's observations received, red herring prospectus filed, listed. Dates come from the exchanges and the regulator as reported. StopDown does not publish grey market premiums or price predictions.

What StopDown leaves out

  • Rumoured or planned rounds until they close; rankings of spaces or sectors by money; estimates of any kind; anything that names a person's age, family or pay unless the person or a filing stated it.
  • Cards about companies that are not Indian startups, and archive cards that fail our checks, do not count toward any total.

Corrections

A wrong number is fixed on the page and noted under it. Write to stopdown.in@gmail.com with the page and the source, and see the editorial policy.

This page applies to the trackers, the monthly reports, the company pages and the head-to-head comparisons. Nothing on StopDown is investment advice.