Diligence
Financial model
The 36-month operating model that sits underneath this site. Every figure below is computed in your browser from one typed assumptions file — the same engine, the same values.
All scenarios, both founder-compensation cases
| Scenario | Break-even (A) | Break-even (B) | Capital (A) | Capital (B) | M36 MAU | Advertisers |
|---|---|---|---|---|---|---|
| Conservative | Beyond 36m | Beyond 36m | ₹1.35 cr | ₹2.61 cr | 446 | 1 |
| Base | Beyond 36m | Beyond 36m | ₹1.31 cr | ₹2.57 cr | 5.5k | 101 |
| Upside | Month 9 | Month 10 | ₹30 L | ₹61 L | 1.4 L | 3,009 |
Case A models founder compensation at a bootstrap level; Case B at a market reference level. Break-even is never reported on the lower case alone. A third sensitivity models the cost of replacing the founder with a hired operator at full market rate.
Break-even by advertiser ARPU — with the funnel required
| ARPU / month | Advertisers (A) | Advertisers (B) | Visits / mo | Closers |
|---|---|---|---|---|
| ₹999 | 559 | 1,023 | 621 | 3 |
| ₹1,499 | 338 | 613 | 376 | 2 |
| ₹2,499 | 183 | 347 | 203 | 1 |
| ₹3,999 | 114 | 204 | 127 | 1 |
| ₹5,000 | 92 | 164 | 102 | 1 |
ARPU rungs are scenario inputs, not pricing recommendations. An advertiser count is never shown without the acquisition funnel and headcount needed to reach and hold it. Justdial's derived blended figure is ₹1,708/month — the highlighted row is the nearest comparable.
What actually moves the answer
Starting from the base case and moving assumptions to their upside values one at a time, only two are needed to reach break-even under bootstrap compensation: advertiser ARPU and trial-to-paid conversion. A third — the audience level at which businesses will pay full price — does the same under market compensation. No single lever rescues the base case, but both binding ones are advertiser-side and measurable with about 200 field visits.
Scope discipline
- Core case = local advertising + area sponsorship + brand advertising only.
- Commerce is modelled as a separate additive layer, excluded from break-even and capital.
- Enterprise intelligence, industry reports and owned brands are zero throughout.
- Every USD figure derives from one FX variable (₹96.0/US$).
Cost assumptions
The model carries founder compensation in two cases plus a replacement sensitivity, field sales payroll and commission, operations, infrastructure, AI and content generation, legal and compliance stepping up with DPDP, payment processing at 2.36% effective, ad serving, moderation and per-area build cost. Sales capacity constrains revenue — the model cannot sell more than a given headcount can acquire and service.