Valuation Package for Registered Valuer
Purpose: CCPS Issuance under Pre-Seed Round 2 Prepared For: IBBI-Registered Valuer Date: January 2026
1. COMPANY OVERVIEW
Basic Information
| Parameter | Details |
|---|---|
| Company Name | OX Agry Private Limited |
| CIN | U01100TN2022PTC149276 |
| Date of Incorporation | January 19, 2022 |
| GSTIN | 33AADCO6794P1ZO |
| Registered Office | 105, South Anna Nagar, Dindigul Road, Palani - 624601, Tamil Nadu, India |
| Industry | Agricultural Technology (Agritech) |
| Business Model | Platform-based aggregation + Franchise model |
| Years in Operation | 4 years (since January 2022) |
Nature of Business
OX Agry Private Limited is India's first comprehensive agricultural ecosystem platform providing:
- Machinery Aggregation (Amagator) - "Uber for farm machinery"
- OX-Owned Fleet - Rental services with owned assets
- Agro Inputs Trading - Fertilizers, seeds, pesticides, feeds
- Produce Trading - Direct farmer-to-buyer marketplace
- Microfinance - Credit and insurance facilitation
- Platform Services - Technology infrastructure fees
- Workforce Services - Labor aggregation and placement
- Franchise Management - System-wide royalties
- Spares Distribution - Machinery parts and auto spares
2. PURPOSE OF VALUATION
Valuation Required For
Issuance of Compulsory Convertible Preference Shares (CCPS) under Companies Act, 2013
| Parameter | Details |
|---|---|
| Type of Securities | CCPS (Compulsory Convertible Preference Shares) |
| Total Amount to be Raised | Rs. 2,00,00,000 (Rupees Two Crore) |
| Face Value per CCPS | Rs. 1/- |
| Proposed Issue Price | To be determined based on valuation |
| Compliance Requirement | Section 62(1)(c) & Rule 13, Companies (Share Capital and Debentures) Rules, 2014 |
Regulatory Framework
- Companies Act, 2013 - Section 55 (Preference Shares), Section 62(1)(c) (Preferential Allotment)
- Companies (Share Capital and Debentures) Rules, 2014 - Rule 13
- IBBI (Registered Valuers) Regulations, 2017
- Income Tax Act, 1961 - Section 56(2)(viib) (Fair Market Value)
3. SHARE CAPITAL STRUCTURE
Authorized Share Capital
| Type | Shares | Amount |
|---|---|---|
| Equity Shares (Face Value Rs. 1/-) | 10,00,000 | Rs. 10,00,000 |
| CCPS (Face Value Rs. 1/-) | 2,00,00,000 | Rs. 2,00,00,000 |
| Total Authorized | 2,10,00,000 | Rs. 2,10,00,000 |
Issued, Subscribed & Paid-Up Capital (Pre-Investment)
| Shareholder | Equity Shares | Amount | Ownership % |
|---|---|---|---|
| Vijay Maniraj | 99,500 | Rs. 99,500 | 99.50% |
| Maniraj Karuppusamy | 500 | Rs. 500 | 0.50% |
| Total | 1,00,000 | Rs. 1,00,000 | 100% |
Post CCPS Issuance (Proposed)
| Shareholder | Equity Shares | CCPS | Total Investment |
|---|---|---|---|
| Vijay Maniraj | 99,500 | - | Rs. 99,500 |
| Maniraj Karuppusamy | 500 | - | Rs. 500 |
| CCPS Investors | - | 2,00,00,000 | Rs. 2,00,00,000 |
| Total | 1,00,000 | 2,00,00,000 | Rs. 2,01,00,000 |
4. FINANCIAL INFORMATION
Current Financial Status (FY 2025-26)
| Parameter | Amount |
|---|---|
| Gross Merchandise Value (GMV) | Rs. 8 Crore |
| Net Revenue | Rs. 2.4 Crore |
| EBITDA | Rs. -2 Crore (Building Phase) |
| PAT | Rs. -3 Crore (Building Phase) |
| Status | Platform completion and early operations |
Historical Financial Summary
Note: Company incorporated in January 2022. Initial years focused on platform development and business model validation.
| Financial Year | Revenue | Status |
|---|---|---|
| FY 2022-23 | Minimal | Development phase |
| FY 2023-24 | Minimal | Development phase |
| FY 2024-25 | Rs. ~1 Cr | Early operations |
| FY 2025-26 (Current) | Rs. 2.4 Cr | Building phase |
Financial Projections (6-Year)
| Metric | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| GMV (Rs. Cr) | 8 | 400 | 2,000 | 6,000 | 12,000 | 20,000 |
| Net Revenue (Rs. Cr) | 2.4 | 75 | 400 | 1,200 | 2,400 | 4,000 |
| EBITDA (Rs. Cr) | -2 | 40 | 300 | 960 | 2,000 | 3,480 |
| PAT (Rs. Cr) | -3 | 26 | 206 | 664 | 1,388 | 2,423 |
Note: Projections are based on planned franchise expansion and capital deployment.
5. ASSETS & LIABILITIES
Tangible Assets
| Asset Category | Estimated Value | Remarks |
|---|---|---|
| Office Equipment | Rs. 2-5 Lakhs | Computers, furniture |
| Machinery/Fleet | Rs. 10-20 Lakhs | Limited owned machinery |
| Total Tangible | Rs. 12-25 Lakhs | Early-stage company |
Intangible Assets
| Asset Category | Description |
|---|---|
| Technology Platform | OX Platform - Mobile apps, web dashboard, GPS tracking, payment integration |
| Brand & Trademarks | OX Agry brand, OX Parks franchise brand |
| Licenses | Fertilizer, Pesticide, Seeds distribution licenses |
| Franchise System IP | SOPs, training materials, operational playbooks |
| Customer Relationships | Farmer database, machinery partner network |
Note: Intangible assets are significant for this technology-driven business model.
Liabilities
| Liability Type | Amount | Remarks |
|---|---|---|
| Secured Loans | Nil | No bank loans |
| Unsecured Loans | To be verified | Director loans if any |
| Trade Payables | To be verified | Normal business payables |
| Statutory Dues | Current | GST, TDS compliance |
6. BUSINESS MODEL & REVENUE STREAMS
Revenue Model Overview
| Vertical | Take Rate | Status | Revenue Contribution |
|---|---|---|---|
| Amagator (Machinery Aggregation) | 7% commission | Live | Primary |
| Fleet (OX-Owned Machinery) | 93% take rate | Live | Secondary |
| Inputs (Agri Inputs) | 5% wholesale margin | Live | Growing |
| Trade (Produce Trading) | 6% margin | FY27 Launch | Future |
| Finance (Microfinance) | 4% net interest | FY27 Launch | Future |
| Platform (Technology Fees) | 1% universal fee | Live | Passive |
| Workforce (Labor Services) | 8% booking commission | Live | Growing |
| Franchisor (System Royalty) | 2% on subsidiary revenues | FY27 Launch | Future |
| Spares (Auto & Machinery Parts) | 12% distribution margin | Live | Growing |
Franchise Model
- Investment per OX Park: Rs. 3 Crore (by franchisee, not company)
- Franchisee ROI: 48% per annum
- Franchisee Payback: ~2.5 years
- Current Parks: 1-3 operational
- Target Parks (18 months): 75
7. MARKET OPPORTUNITY
Total Addressable Market
| Market Segment | Size |
|---|---|
| India Agriculture Market | Rs. 3.5 Lakh Crore |
| Tamil Nadu Market | Rs. 10,000-18,000 Crore annually |
| Farm Machinery Rental | Rs. 50,000+ Crore (unorganized) |
| Agro Inputs | Rs. 3.5 Lakh Crore |
| Produce Trading | Rs. 1.3 Lakh Crore |
Competitive Position
- Market Organization: 95% unorganized, 5% organized
- Competition in Machinery Aggregation: No organized player
- First-Mover Advantage: Category creation opportunity
8. KEY BUSINESS METRICS
Current Traction
| Metric | Current | Target (18 months) |
|---|---|---|
| OX Parks | 1-3 | 75 |
| Active Farmers | 1,000 | 50,000 |
| Machinery Linked | 300 | 15,000 |
| States Operational | 1 (Tamil Nadu) | 3 |
9. CORPORATE STRUCTURE
OX Group
├── OX Infy Pvt Ltd (Software & Digital Products - Tech Partner)
└── OX Agry Pvt Ltd (Agri HoldCo - VALUATION SUBJECT)
├── OX Platform Pvt Ltd (Digital marketplace / IP owner)
├── OX Amagator Pvt Ltd (Machinery aggregator)
├── OX Fleet Pvt Ltd (Machinery ownership & rental)
├── OX Inputs Pvt Ltd (Agri inputs distributor)
├── OX Trade Pvt Ltd (Produce trade & exports)
├── OX Finance Pvt Ltd (Loans, insurance)
├── OX Workforce Pvt Ltd (Labor services)
├── OX Franchisor Pvt Ltd (Franchise system)
└── OX Spares Pvt Ltd (Auto & machinery spares)
Note: Subsidiaries are being established. OX Agry is the holding company.
10. CCPS TERMS (FOR REFERENCE)
The CCPS being issued will have the following terms:
| Parameter | Details |
|---|---|
| Valuation Cap | Rs. 100 Crore |
| Discount Rate | 30% |
| Conversion Deadline | December 31, 2027 |
| Conversion Trigger | Qualified Financing (Rs. 10 Cr+ raise, Rs. 100 Cr+ pre-money) |
| Dividend | 0.001% per annum, non-cumulative |
| Liquidation Preference | Principal + 18% p.a. simple interest |
Note: These are investor protection terms and do not represent current company valuation.
11. DOCUMENTS TO BE PROVIDED TO VALUER
Mandatory Documents
- Certificate of Incorporation (COI)
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Latest Audited Financial Statements
- Provisional Financial Statements (if audited not available)
- Income Tax Returns (ITRs) for last 3 years
- Bank Statements (last 12 months)
- Shareholding Pattern
- Board Resolution for CCPS issuance
Supporting Documents
- Business Plan / Pitch Deck
- Financial Projections Model
- Details of Fixed Assets
- Details of Intangible Assets (Platform, IP, Licenses)
- Franchise Agreements (if any)
- Key Customer/Partner Agreements
- Licenses and Registrations (Fertilizer, Pesticide, Seeds, GST, etc.)
Additional Information
- Industry Analysis / Market Research
- Competitor Analysis
- Details of Previous Funding (if any)
- Cap Table and Equity Structure
- Details of Promoters and Key Management
12. VALUATION METHODOLOGY EXPECTATIONS
Suggested Approaches for Early-Stage Startup
Given the early-stage nature of the company, the following valuation methods may be considered:
-
Net Asset Value (NAV) Method
- Based on book value of assets minus liabilities
- May result in low valuation due to minimal tangible assets
-
Discounted Cash Flow (DCF) Method
- Based on projected cash flows
- High uncertainty due to early-stage projections
- Requires significant assumptions
-
Comparable Company Analysis
- Based on valuation multiples of similar companies
- Reference: DeHaat, Ninjacart, EM3 Agri, Cropin
- May be difficult due to lack of direct comparables
-
Comparable Transaction Analysis
- Based on recent funding rounds of similar startups
- Seed-stage agritech companies typically valued at 10-50x revenue
-
Venture Capital Method
- Based on expected exit valuation and required returns
- Common for early-stage startup valuations
Valuation Considerations
| Factor | Impact on Valuation |
|---|---|
| Early-stage company | Lower current revenue |
| Technology platform | Intangible asset value |
| First-mover advantage | Strategic premium |
| Large market opportunity | Growth potential |
| Asset-light model | Lower tangible assets |
| 4-year operational history | De-risked vs fresh startup |
13. CONTACT INFORMATION
Company Contact
| Parameter | Details |
|---|---|
| Company | OX Agry Private Limited |
| Contact Person | Vijay Maniraj (Founder & Director) |
| oxvijay@oxgroup.in | |
| Phone | [To be provided] |
| Address | 105, South Anna Nagar, Dindigul Road, Palani - 624601, Tamil Nadu |
Statutory Auditor
| Parameter | Details |
|---|---|
| Auditor Firm | [To be filled] |
| Contact Person | [To be filled] |
| [To be filled] |
Company Secretary / CS
| Parameter | Details |
|---|---|
| CS Name | [To be filled - if applicable] |
| Contact | [To be filled] |
14. DECLARATION
We hereby declare that the information provided in this document is true and correct to the best of our knowledge. We undertake to provide any additional information or documents required by the valuer for completing the valuation.
For OX Agry Private Limited
Vijay Maniraj Director DIN: [To be filled] Date: _______________
15. APPENDICES
Appendix A: Financial Statements
To be attached
Appendix B: Business Plan / Pitch Deck
To be attached
Appendix C: Certificates and Licenses
To be attached
Appendix D: Asset Register
To be attached
Appendix E: Bank Statements
To be attached
Document Version: 1.0 Prepared Date: January 2026 For Internal Use and Submission to Registered Valuer
This document is prepared solely for the purpose of obtaining a valuation report for CCPS issuance under the Companies Act, 2013.