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Would you have written the check?

A real startup, at the real moment it raised — name stripped, numbers intact. Invest or pass; then find out who it was and what your call would have cost you.

Deal me one — 60 secondsRun a ₹100 Cr fundLive. No account. No signup. Today's India card is below.

Today's deal · India edition · Every number sourced

A first-time investor looking at a generic investing app on a phone beside a city window.
DEAL 008 — “FOLIO”retail investing platform · Series E · India · Autumn 2021

The pitch

A first-time investor buys direct mutual funds, stocks, or an IPO lot through a retail investing app that week.

The ask

They're raising $251 million. The company is priced at $3 billion.

company stated · USD

The market

The announcement pointed the cheque at under-penetrated geographies in a discount-brokerage category; nearly 70% of users already sit in Tier 2 and Tier 3 cities.

The other chairs

  • Another discount brokerage app already taking the same first-time investor.
  • A full-service broker that already has the metro customer.

The shark question

If the announcement prints no P&L, what is a $3 billion valuation paying for?

The cheque
$251 millioncompany stated · USD
The price of the company
$3 billioncompany stated · USD
Does the company get the cash?
Yes — they are raising $251 million (new money into the company).company stated · USD
Are they making money?
Not in the public numbers.
Scale
over 20 millioncompany stated

Why this is interesting

The company says it now has over 20 million users, and that nearly 70% of them are in Tier 2 and Tier 3 cities — the part of the market brokers used to ignore.

Why you might pass

Valuation just printed at $3 billion after an $83 million round only months earlier. There is no public P&L on this card. The buyer is paying up for a retail-brokerage land-grab whose unit economics are not in the announcement.

More from the filing
Users outside large metros (stated)
nearly 70% from Tier 2 and Tier 3 citiescompany stated
Prior round (April)
$83 million Series Dcompany stated · USD

You've read a hundred “how they almost died” startup stories and never once found out whether you would have gotten it right — a post-mortem tells you nothing about your own judgment, because you already know the ending. This card takes the ending away first.

Nothing is invented

Every number on every card is the real company's real number at the real moment it raised, with a citation. If we can't source it, it doesn't ship.

Sixty seconds a day

One card, identical for every player in your region. One tap — invest or pass. No jargon required to make the call; all the finance arrives after you've committed.

Then run a whole fund

A simulated ₹100 crore corpus, twelve sequential India cards, checks in ₹1 crore steps. P&L only from cited same-round outcomes — we do not invent a MOIC. Run a fund

Questions

Are the companies and the numbers real?

Yes, all of them. Every card is a real company at a real funding moment, built from public sources — regulatory filings, S-1s, founder posts, reputable press — with a citation attached to every numeric claim. We anonymize the name, the founders, and the exact location and date. We never invent a number, round one for effect, or adjust one to make a card play better.

Won't I just recognize the famous companies?

Sometimes — and that's part of the fun. The name is stripped so you have to read the numbers first. Fund mode is twelve sequential India cards with a simulated corpus; it does not invent a MOIC.

Do I need to know venture finance to play?

Not for the daily deal — one card, one tap, no check sizing, no term sheets. The ₹100 crore fund run is the same idea at table length: you write or pass, then the cited round path opens.

Is it free? Will it be pay-to-win?

The daily deal is free and needs no account. If we ever charge, it will be for depth — deeper analysis, the case-study archive, richer post-run breakdowns. We've written a hard rule into our own build spec: nothing purchasable will ever touch a score, an attempt, or a deck. A leaderboard you can buy your way up is not a leaderboard.

What does the email form do?

Tomorrow's card, and new cards as they ship. No account. India is live; tell us if you want US or Global when those editions exist.