Finance

My research team and I analyzed thousands of angel investments to identify who has backed the most US unicorns before they reached unicorn status. The Top 50 – David Morin (23): Co-created Facebook Platform; founded Slow Ventures – Peter Thiel (21): PayPal co-founder; first external Facebook investor; founded Founders Fund – Lee Linden (21): Founded Karma (acquired by Facebook); Managing Partner at Quiet Capital – David Sacks (20): Former PayPal COO; founded Yammer (acquired by Microsoft); founded Craft Ventures – Marc Benioff (19): Founder and CEO of Salesforce – Kevin Moore (19): President of KRM Interests with over 200 portfolio companies – Felix Shpilman (19): General Partner of Start Fund; early investor in Uber, Coinbase, and Instacart – Scott Belsky (18): Founder of Behance (acquired by Adobe); Adobe's Chief Product Officer – Nathaniel Turner (18): Co-founder of Flatiron Health (acquired by Roche for $2.1B) – Scott Banister (18): Co-founder of IronPort (acquired by Cisco); early advisor to PayPal – Paul Buchheit (17): Creator of Gmail; partner at Y Combinator – Jeremy Stoppelman (17): Co-founder and CEO of Yelp – Max Levchin (16): Co-founder of PayPal; founder and CEO of Affirm – Kevin Hartz (15): Co-founder of Eventbrite and Xoom; founder of A* Capital – Ron Conway (15): Founder of SV Angel; early investor in Google, Facebook, and Twitter – Shervin Pishevar (14): Co-founder of Sherpa Capital; early investor in Uber and Airbnb – Elad Gil (14): Former VP at Twitter; investor in Airbnb, Coinbase, and Stripe – Benjamin Ling (14): General Partner at Varia Ventures – Ashton Kutcher (13): Co-founder of A-Grade Investments and Sound Ventures – Kevin Colleran (13): One of the first 10 employees at Facebook; Managing Director at Slow Ventures – Andrew Frame (13): Founder and CEO of Citizen – Sam Altman (13): CEO of OpenAI; former president of Y Combinator – Jared Leto (12): Actor and investor in Uber, Airbnb, and Slack – Ullas Naik (12): Founder of Streamlined Ventures – Keith Rabois (12): General Partner at Founders Fund; co-founder of Opendoor – Tim Ferriss (12): Author and early-stage investor in Uber, Facebook, and Shopify – Joshua Buckley (11): Runs angel investment firm Buckley Ventures – Garrett Camp (11): Co-founder of Uber and StumbleUpon – Ilya Sukhar (11): Co-founder of Parse (acquired by Facebook); General Partner at Matrix – Raymond Tonsing (11): Founder of Caffeinated Capital – Charles Songhurst (11): Former head of corporate strategy at Microsoft – Daniel Curran (11): CEO& Founder @ CustEx – Timothy Draper (11): Founder of DFJ and Draper Associates

Every time a card payment is processed, 𝘁𝗵𝗿𝗲𝗲 main types of fees are involved. Here’s a simple breakdown of the Three Core Fees: 1️⃣ Interchange Fee This is paid by your acquiring bank (or payment processor) to the cardholder’s bank (the issuer). It’s set by the card networks (like Visa and Mastercard; sometimes regulated), and is designed to cover things like fraud, credit losses, and infrastructure costs. 2️⃣ Scheme Fee Charged by the card networks themselves, this fee covers the operation of the payment system (“rails” that process the transaction). 3️⃣ Acquirer Markup This is the fee your acquirer or payment service provider (PSP) charges you, the merchant. It includes their costs, risk management, and profit margin for processing and settling the payment. The total cost a merchant pays is called the Merchant Service Charge, which is the sum of these three components. The Main Pricing Models: ► Bundled Pricing All fees are grouped into one flat rate. This is very common with small businesses. It’s easy to understand but doesn’t provide insight into what you’re actually paying for. ► Interchange+ The interchange fee and the acquirer’s fee are shown separately, but the scheme fee is typically bundled with the markup. This model offers some transparency. ► Interchange++ Each fee—the interchange, scheme, and acquirer markup—is itemized separately. This is the most transparent model and is favored by larger or multi-country merchants who want to track costs precisely. Who Chooses the Pricing Model? Most acquirers and PSPs decide what pricing model you’re offered. Unless you negotiate or have significant transaction volume, you’re likely to get bundled pricing by default. Larger or more experienced merchants who understand payments often push for Interchange++ for its clarity and fairness. Smaller merchants often aren’t aware that alternatives exist or find it difficult to compare offers. How Interchange Fees Vary Globally: Some regions (like the EU, UK, China, and Brazil) cap interchange fees to lower costs for merchants and stimulate competition. The US regulates only part of the system—such as capping debit card fees for large banks (the Durbin Amendment)—while credit card interchange remains uncapped and usually higher. Other countries, like India and Brazil, regulate interchange as part of broader financial inclusion goals. In markets with stricter regulation, merchants often benefit from lower, more predictable fees, making it easier to accept cards. Where fees are higher and less regulated, issuers can offer consumers more rewards (like cashback), but those costs are passed back to merchants—and sometimes their customers. Every model shifts the balance of costs and benefits between banks, merchants, and consumers in different ways. More info below👇, and I highly recommend reading my complete deep dive article about Interchange Fee and what factors impact the rate: https://bit.ly/44T4VJA

9 out of 10 CEOs are tracking the wrong metrics. (I learned this the hard way.) So many are flying blind. Making gut decisions. Wondering why growth feels so hard. But these 18 KPIs change everything. Here's what every CEO should be watching: REVENUE & PROFITABILITY ↳ Revenue Growth Rate shows if you're gaining momentum ↳ Gross Margin reveals your pricing power ↳ Net Profit Margin tells the real health story CASH & RUNWAY ↳ Operating Cash Flow confirms you're funding yourself ↳ Cash Runway warns when to raise or cut spend ↳ Burn Multiple shows capital efficiency to investors CUSTOMER METRICS ↳ Customer Acquisition Cost guides marketing budgets ↳ Customer Lifetime Value validates if CAC is justified ↳ LTV-to-CAC Ratio predicts long-term profitability RETENTION & GROWTH ↳ Net Revenue Retention measures product stickiness ↳ Churn Rate gives early alerts on product issues ↳ Net Promoter Score predicts retention and referrals OPERATIONAL EFFICIENCY ↳ Sales Cycle Length impacts cash flow forecasts ↳ Days Sales Outstanding signals collection efficiency ↳ Employee Turnover Rate reflects culture and hiring FINANCIAL HEALTH ↳ EBITDA strips out accounting noise ↳ Growth Efficiency Ratio reveals expansion quality ↳ Average Revenue Per Account tracks upsell impact The magic isn't in tracking everything. It's in tracking the RIGHT things consistently. Most CEOs drown in vanity metrics while missing the signals that actually predict success. These 18 KPIs cut through the noise. They give you the clarity to make confident decisions. And the confidence to sleep better at night. 🔖 Save this cheat sheet. Review it monthly. ♻️ Share it. Help a CEO in your network. P.S. Which KPI do you watch most closely? Share in the comments below. Want a PDF of the 18 KPIs for CEOs? Get it free: https://lnkd.in/dhh5irfH And follow Eric Partaker for more CEO insights. ————— 📢 Ready to become a world-class CEO? I'm hosting a FREE TRAINING: "7 Steps to Become a Super Productive CEO" Thur, June 12th, 12 noon Eastern / 5pm UK time https://lnkd.in/d9BuZcrd 📌 20+ Founders & CEOs have already enrolled in our  next CEO Accelerator cohort, starting July 23rd. Earlybird offer ENDS SOON. Learn more and apply: https://lnkd.in/dwjGUkEN

Private Thoughts From My Desk ……………. #33 𝐓𝐚𝐫𝐢𝐟𝐟𝐬 & 𝐔𝐧𝐜𝐞𝐫𝐭𝐚𝐢𝐧𝐭𝐲: 𝐖𝐡𝐚𝐭 𝐈𝐭 𝐌𝐞𝐚𝐧𝐬 𝐟𝐨𝐫 𝐏𝐄 𝐑𝐢𝐠𝐡𝐭 𝐍𝐨𝐰 After five years of what I can only describe as "unique disruptions"—a global pandemic, unprecedented inflation, interest rate shocks—we now face yet another: a new wave of tariffs. For private equity, the impact of these policy moves isn’t just about the numbers—it’s about the uncertainty they inject into long-term models. Private equity lives and dies by its ability to predict the future—five years at a time, with leverage. So when policy shifts like these arrive without clear direction or a timeline, deal pipelines stall. It’s not that the tariffs themselves are necessarily fatal—it’s that no one knows what game we’re playing, or how the rules might change again next quarter. We entered 2025 with momentum. Intermediaries were busy, due diligence was in high gear, portfolio companies were readying for exit. But in February, the “T word” started surfacing. Tariffs are just another word for uncertainty—what I call the dreaded “U word” in private equity—and everything slowed. Activity now reflects what we’re hearing every day: it’s hard to make long-term bets when you don’t know what to model in the short term. For LPs, the liquidity crunch is especially acute. Liquidity is at levels we haven’t seen since the Great Recession. Many LPs are rebalancing through secondaries; some are exploring NAV loans and other creative strategies. The ones with dry powder—sovereign wealth funds, select family offices—see dislocation as opportunity. But for most, frustration is mounting. Fundraising is feeling the pinch, see the chart below for buyout fundraising trends. Exit activity is a leading indicator—and right now, that indicator is flashing yellow. Fundraising was always going to be challenged in 2025. Now, recovery may be deferred even further. So what can GPs do? It’s back to basics (again) with portfolio companies: secure the balance sheet, conserve cash, and avoid covenant or financing issues in the near term. There’s also renewed urgency to get EBITDA up—quickly—through pricing, cost reduction, and working capital optimization. Anything that opens the door to a liquidity event in the near term. This is also a time for firms to solidify their long-term strategy. Some are asking whether it’s time to double down on what they do best and exit non-core strategies. Consolidation is no longer theoretical—it’s a daily conversation, especially for firms caught in the increasingly challenging middle market. This isn’t a crisis. But it is a moment of reckoning. In a market defined by scarcer capital, talent, and investment opportunities—not everyone wins. Knowing what you do best, doubling down on it, and charting a clear path forward for your firm are more essential than ever. #privateequity #privatemarkets #privatethoughtsfrommydesk

How to Do Financial Due Diligence Before Selecting Stocks? Stock picking isn’t just about looking at charts and following trends—it’s about understanding the financial health of a company. Before investing, a structured Financial Due Diligence (FDD) process can help you avoid bad bets and spot strong opportunities. Here’s a framework to follow: 1. Understand the Business Model & Industry - What does the company do? - Who are its competitors? - Is it in a growing or declining industry? 2. Analyze the Financial Statements - Income Statement (Profit & Loss) – Revenue growth, profitability (Gross, Operating, Net Margins), EPS trends - Balance Sheet – Debt levels, cash reserves, working capital position - Cash Flow Statement – Operating cash flow vs. net income, free cash flow trends 3. Check Key Financial Ratios - Profitability: ROE, ROA, Gross & Operating Margins - Liquidity: Current Ratio, Quick Ratio - Leverage: Debt-to-Equity, Interest Coverage - Valuation: P/E Ratio, P/B Ratio, EV/EBITDA 4. Assess Management & Governance - Background & track record of leadership - Insider buying/selling trends - Transparency in disclosures & corporate governance 5. Review Competitive Position & Moat - Does the company have a sustainable competitive advantage (brand, network effect, patents, cost advantage)? 6. Industry Trends & Macroeconomic Factors - Economic cycles, inflation, interest rates - Global supply chain, geopolitical risks - Market trends affecting revenue streams 7. Cross-Check with Analyst Reports & News - Read Equity Research Reports, Investor Presentations, Credit Reports - Stay updated on company news, regulatory changes 8. Look at Historical Performance & Future Guidance - Compare past financials vs. projections - Evaluate management’s growth expectations 9. Risk Assessment & Downside Protection - What’s the worst-case scenario? - How resilient is the business in a downturn? 10. Compare with Peers & Make an Informed Decision No company operates in isolation—compare financials and valuations with competitors before buying. Smart investing is about discipline, not hype. By doing thorough due diligence, you increase your chances of picking winners while avoiding pitfalls. What’s your go-to method for analyzing stocks? Let’s discuss.

There’s a missed opportunity in the investment world: over 95% of capital remains allocated to non-diverse funds. This leaves diverse-led funds undercapitalized, despite their proven ability to outperform. This disparity isn’t just about fairness — it’s about untapped potential. A report from the National Association of Investment Companies (NAIC) highlights systemic barriers: smaller commitments to diverse-managed funds, higher asset requirements and inconsistent support from corporate and union pension funds. These challenges restrict market growth and limit wealth creation in communities that could benefit most. Addressing these disparities is critical to building a more dynamic and equitable financial ecosystem. When diverse leaders manage funds, they bring unique perspectives, broader networks and innovative strategies that drive returns and create lasting economic impact. This mission is personal to me. Throughout my career, I’ve championed initiatives to expand opportunities for underrepresented entrepreneurs and fund managers. By supporting diverse leadership in finance, we not only unlock growth but also help close the #racialwealthgap and foster sustainable change. It’s time to reimagine how we allocate capital — embracing equality as both a value and a strategy. Together, we can fuel innovation, empower communities and strengthen our economy.

In Case You Missed It: The World's Largest Asset Manager, BlackRock — Private Markets Outlook 2025 🏆 With industry estimates projecting the industry to reach >$20T by 2030, private markets has quickly become one of the hottest areas in finance. From private credit, private equity, infrastructure and real estate, here are the key takeaways from BlackRock's 2025 outlook titled "A new era of growth": • Outlook: The brightest days for private markets are still ahead, driven by higher investment activity, elevated-but-lower financing costs and greater demand for long-term capital. • Industry estimates: project private markets could grow from $13T today to more than $20T by 2030 - they believe private debt and infrastructure will grow the fastest. • Private debt: continues to expand globally, and into new avenues of finance, with wide performance dispersion depending on borrower size and sector. • Opportunity in AI: Investors can access the transformative possibility offered by artificial intelligence through infrastructure, as well as debt, private equity and real estate. • Key drivers: A series of profound changes in the world’s demographics, energy demand, digital technology and supply chains continue to propel investment across private markets. • Deal activity: is rising in both the M&A and IPO markets, which should drive more exits and distributions across private equity. • Real estate: valuations are nearing their bottoms, creating opportunities, though price recovery will take time, with wide dispersion among sectors and regions. What is driving the rapid and continued expansion of private markets? Companies staying private for longer: • The median time a “unicorn” stays private is 10.7 years, up from 6.9 years in 2014 New fund structures, broader access: • Retail-focused (ELTIFS, LTAFs) and fully-funded solutions • Evergreen fund structures Market development: • Asset-backed finance market growing in private debt • Regional market growth, in places like India Structural forces: • New technologies require early-stage investment • Real estate is evolving to meet the needs of a changing world Private Markets.

Most #Hospitals Do Not Know Their Own Costs for Surgeries, MRIs or ER Visits... Activity-Based #CostAccounting Explained. The University of Utah Healthcare System Changed That and Implemented a Cost Accounting System So They Could #Measure What Each Hospital Service Cost. They Found that the #ER Cost $0.82 Per Patient Per Minute and #Orthopedic Surgery Cost $12 Per Patient Per Minute. By Better Measuring Their Costs, The University of Utah Hospital Was Able to #Lower Their Overall Costs by Costs by 0.5% While Their Peers #Increased Costs by 2.9%... a 3.4 Percentage Point Improvement. This Achievement Was Such a Success that One of the Most Famous Business School Professors in the World--Michael Porter from Harvard Business School--Flew to Utah to See It for Himself. Cost Accounting is a Basic Business Practice That Amazingly Most Hospitals Have Never Adopted.

Outcome of SEBI Board Meeting dated 30 September, 2024: Prohibition of Insider Trading Regulations related: - Expansion of the definition of connected persons to include a firm or its partner or employee where a “connected person” is also a partner, as well as individuals sharing a household or residence with a “connected person.” - The provisions related to connected persons will now apply to “relatives” rather than just “immediate relatives” - Insertion of a new definition “relative” to include the spouse, parents (including parents of the spouse), siblings (including siblings of the spouse), and children (including children of the spouse), along with their spouse LODR related - Introduction of single filing system for listed entities to file relevant reports, documents etc. on one exchange which will be automatically disseminated at the other exchange - Filings integrated into two broad categories viz., Integrated Filing (Governance) and Integrated Filing (Financial) - System driven disclosure of shareholding pattern and revision in credit ratings by Stock Exchanges - Detailed advertisement of financial results in newspapers would be optional for listed entities - Additional time of 3 months to fill up vacancies in Board and KMP positions at listed entities coming out of the CIRP - Increased time of 3 hours instead of 30 mins for outcome of board meeting that concludes after trading hours - Additional time (72 hours instead of 24 hours) for disclosure of legal disputes subject to maintaining such information in SDD - Disclosure of tax litigations and tax disputes on the basis of materiality. - Disclosure of fines / penalties imposed on the basis of new materiality threshold Rs. 1 lakh for sector regulators / enforcement agencies and Rs. 10 lakhs for other authorities) as against the present requirement to disclose all fines and penalties ICDR related - Faster Rights Issue: to be completed within 23 working days v/s present average timelines of 317 days. Requirement of filing Draft letter of offer (only issue related incremental information) with SEBI discontinued. Mandatory appointment of merchant banker made optional. - Pre-issue and price band advertisement will be merged into a single advertisement - Issuers can voluntarily disclose proforma financials for acquisitions or divestments already undertaken or proposed from issue proceeds in case of public issue, rights issue and QIPs - Issuers with outstanding SARS granted to employees, which are fully exercised for equity shares before filing the RHP are allowed to file the DRHP #SEBI #Boardmeeting #outcome #insidertrading #ICDR #LODR

iPhone 16 has launched and it will cost around ₹1.19 lakhs in India. But do you know? More than 70% of these iPhones will be purchased on EMIs - especially no cost EMIs. Think about this for a minute. Why is it that you and I can buy a luxury product like an iPhone at no cost EMI, but a rural entrepreneur has to struggle to get a loan for their business? More than 80% of rural Indians still don’t have access to formal credit [Global Findex Database]. - They don't have a credit score - They are not a part of the formal economy - Banks do not have enough financial data about them These individuals are rural entrepreneurs, marginal farmers, artisans and small shop owners who need credit just like any other business. But they have to rely on money lenders who charge exorbitant interest rates (as high as 120% p.a). Rang De belongs to these individuals. This is how we are leading the financial revolution in India: - Encouraging entrepreneurship in rural households - 100% of capital goes to the borrower - Investees feel safe & secure - Provide credit to women - 4-8% interest rate p.a. We ensure this through our peer-to-peer lending model which humanizes credit for our investees. I’m happy to share that our tribe of social investors has crossed the 10,000 mark! - ₹81.26 crores disbursed - 20,000+ loans fulfilled - Active in 24 states If you haven’t experienced the joy of social investing yet, I invite you to visit our platform to get started. Visit "rangde dot in" or check out the link in the comments.