-11%

est. 2Y upside i

FinTechSeed

India's largest crypto investing paltform

Rank

#2554

Sector

Fintech

Est. Liquidity

~4Y

Data Quality

Data: Low

The missing current valuation and stale 2022 bridge warrant extreme caution: even with a $50M estimated entry, expected 2-year upside is -10.9% after 20% dilution.

Last updated: August 3, 2026

Bull (20%)+41%

Crypto adoption accelerates and Mudrex captures a wider share via new INR futures and tokenized equities. At 13x forward revenue, exit value is $80.6M; net of 20% dilution the common is up 41.2%.

Base (55%)-8%

The company converges to public market multiples around 9x revenue, producing a $55.8M exit. After 20% dilution, the common is down 8.4%, and the stale valuation cap keeps upside minimal.

Bear (25%)-58%

Regulatory headwinds and exchange giants (Binance, Coinbase) compress the multiple to 5x revenue, implying a $31M exit. That leaves only $8.8M above the $22.2M preferred stack; after dilution, common loses 58%.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

4440%

$22.2M of preferred liquidation preference sits ahead of common against an estimated $50M entry valuation, a 44% overhang.

Dilution Risk

high

No raise since Aug 2022; a near-term or down round could add 20% or more dilution.

Secondary Liquidity

none

No secondary market signal found; no secondary implied valuation was provided.

Other — 1 role

View all 1 open roles at Mudrex →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Mudrex's data — designed to show you've done your homework.

  • 1

    “What is the current 409A post-money valuation and how did the 2022 bridge convert into the current cap table?”

  • 2

    “What is the ARR growth rate and the take-rate/AUM payback period for the automated strategy fee model?”

  • 3

    “How many months of runway remain, and what liquidation preference will a new round attach to common stock?”

Community

Valuation Sentiment

Our model estimates -11% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.