For Indian Ed-Tech and e-commerce businesses, net profit generally provides the most stable multiple for valuation, as it reflects true operational performance and cash flow, whereas revenue or GMV can be volatile and may overstate the business’s profitability potential.

For Indian Ed-Tech and e‑commerce businesses, Net Profit (or adjusted EBITDA) generally provides the most stable and reliable multiple for valuation. Revenue or GMV can fluctuate wildly due to seasonal demand, promotions, or high growth burn, making them feel exciting but unpredictable. Using Net Profit gives buyers a clearer, grounded picture of true cash flow and sustainable performance, which emotionally feels reassuring you’re valuing the business based on what it actually earns, not just hype or transaction volume.

For Indian Ed-Tech and e-commerce businesses, net profit (or EBITDA) generally provides the most stable valuation multiple, as it reflects true sustainability beyond growth. Revenue and GMV can be inflated by discounts or scale strategies and often fluctuate with market cycles. Investors place higher confidence in consistent profitability over headline growth.