BIORx Healthcare Tech Evaluation: Full IC Memo Ownership
Ran a complete startup evaluation from initial brief through investment committee presentation, owning every layer of the analysis.
Mayank Srivastava
Assistant Manager -Investment Banking at BIORx Ventures
From their time as
Assistant Manager -Investment Banking
BIORx Ventures • 2025
Overview
Mayank was assigned a healthcare technology startup at BIORx Ventures with a brief to assess its investment potential. The startup was operating in a space where limited financial history meant the analysis had to go well beyond the numbers.
The Story
Mayank was assigned a healthcare technology startup at BIORx Ventures with a brief to assess its investment potential. The startup was operating in a space where limited financial history meant the analysis had to go well beyond the numbers.
He began by mapping the business from first principles: understanding the problem being solved, the revenue model, the customer profile, and the stage of the company. He gathered the pitch deck, company website, founder LinkedIn profiles, and news articles to build an initial picture before any direct engagement.
Market and Founder Assessment
Mayank then conducted a structured market analysis, sizing the TAM and SAM, reviewing industry growth trends, the regulatory environment, and the competitive landscape. For the founder assessment, he examined educational background, domain expertise, execution history, and the team's ability to attract early talent.
A key part of his evaluation was assessing founder coachability: at the early stage, with limited financial data, he was effectively betting on the person. He looked for a scalable mindset, a clear KPI strategy, and evidence that the founder could learn and adapt under pressure.
Product, Customers, and Financials
He reviewed the product for genuine problem-market fit, replicability of the technology, and customer feedback. On the customer side, he tracked retention ratios, repeat purchase rates, and revenue concentration. For financials, he analyzed revenue growth, gross margin, EBITDA, burn rate, cash runway, MRR, CAC, LTV, and payback period.
Valuation and IC Memo
Mayank performed a full valuation using comparable company analysis, comparable transactions, the VC method, and DCF where applicable. He then prepared the investment committee memo, covering company overview, market opportunity, founder assessment, business model, financial analysis, valuation, key risks, and his investment recommendation.
He presented the memo to the investment committee, addressed their questions, and incorporated their feedback. The committee decided to move forward and proceed to the next stage of due diligence.