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CCPS Comparison: Growth Rate vs Valuation Cap

This document compares the two CCPS variants available in Seed Round 1 to help investors choose the best option for their investment goals.

QUICK SUMMARY​

VariantBest ForRisk ProfileReturn Characteristics
Growth RateConservative investorsLow riskGuaranteed 1.6x-1.8x return
Valuation CapAggressive investorsHigher riskUnlimited upside potential

GROWTH RATE RETURNS BY TRANCHE​

For ₹1 Lakh Investment over 2 Years

TrancheGrowth RateYear 1 ValueYear 2 ValueReturn
Tranche 1 (First ₹5Cr)40%₹1,40,000₹1,80,0001.80x
Tranche 2 (Next ₹5Cr)35%₹1,35,000₹1,70,0001.70x
Tranche 3 (Final ₹10Cr)30%₹1,30,000₹1,60,0001.60x

Key Feature: Returns are guaranteed regardless of company valuation at conversion.

VALUATION CAP RETURNS BY TRANCHE​

For ₹1 Lakh Investment at ₹200 Cr Valuation Cap with 30% Discount

TrancheInvestment LevelMultiplierAt ₹50 CrAt ₹200 CrAt ₹400 CrAt ₹1000 Cr
Tranche 1First ₹50L2x1.82x2.50x3.64x9.10x
Tranche 2Next ₹50L1.5x1.37x1.88x2.73x6.83x
Tranche 3Next ₹4Cr1.3x1.18x1.63x2.37x5.92x
Tranche 4Next ₹5Cr1.2x1.09x1.50x2.18x5.46x
Tranche 5Final ₹10Cr1.1x1.00x1.38x2.00x5.01x

Key Feature: Returns scale with company valuation growth. Higher valuations = higher returns.

HEAD-TO-HEAD COMPARISON​

Tranche 1: Growth Rate (40%) vs Valuation Cap (2x Multiplier)​

Future ValuationGrowth Rate ReturnValuation Cap ReturnBetter Option
₹50 Cr1.80x1.82xValuation Cap
₹100 Cr1.80x2.22xValuation Cap
₹200 Cr1.80x2.50xValuation Cap
₹400 Cr1.80x3.64xValuation Cap
₹1000 Cr1.80x9.10xValuation Cap

Breakeven: ~₹50 Cr - Valuation Cap (with 2x multiplier) is better at almost all valuations!

Tranche 2: Growth Rate (40%) vs Valuation Cap (1.5x Multiplier)​

Future ValuationGrowth Rate ReturnValuation Cap ReturnBetter Option
₹50 Cr1.80x1.37xGrowth Rate
₹100 Cr1.80x1.67xGrowth Rate
₹200 Cr1.80x1.88xValuation Cap
₹400 Cr1.80x2.73xValuation Cap
₹1000 Cr1.80x6.83xValuation Cap

Breakeven: ~₹170 Cr - Above this, Valuation Cap is better for Tranche 2.

Tranche 3: Growth Rate (35%) vs Valuation Cap (1.3x Multiplier)​

Future ValuationGrowth Rate ReturnValuation Cap ReturnBetter Option
₹50 Cr1.70x1.18xGrowth Rate
₹100 Cr1.70x1.44xGrowth Rate
₹200 Cr1.70x1.63xGrowth Rate
₹400 Cr1.70x2.37xValuation Cap
₹1000 Cr1.70x5.92xValuation Cap

Breakeven: ~₹270 Cr - Above this, Valuation Cap is better for Tranche 3.

Tranche 4: Growth Rate (35%) vs Valuation Cap (1.2x Multiplier)​

Future ValuationGrowth Rate ReturnValuation Cap ReturnBetter Option
₹50 Cr1.70x1.09xGrowth Rate
₹100 Cr1.70x1.33xGrowth Rate
₹200 Cr1.70x1.50xGrowth Rate
₹400 Cr1.70x2.18xValuation Cap
₹1000 Cr1.70x5.46xValuation Cap

Breakeven: ~₹320 Cr - Above this, Valuation Cap is better for Tranche 4.

Tranche 5: Growth Rate (30%) vs Valuation Cap (1.1x Multiplier)​

Future ValuationGrowth Rate ReturnValuation Cap ReturnBetter Option
₹50 Cr1.60x1.00xGrowth Rate
₹100 Cr1.60x1.22xGrowth Rate
₹200 Cr1.60x1.38xGrowth Rate
₹400 Cr1.60x2.00xValuation Cap
₹1000 Cr1.60x5.01xValuation Cap

Breakeven: ~₹380 Cr - Above this, Valuation Cap is better for Tranche 5.

SIMPLIFIED COMPARISON (WITHOUT MULTIPLIER)​

Base comparison for ₹1 Lakh Investment - No tranche multiplier applied

Future ValuationGrowth Rate (40%)Valuation Cap (Base)Better Option
₹50 Cr1.80x0.91xGrowth Rate
₹100 Cr1.80x1.11xGrowth Rate
₹200 Cr1.80x1.25xGrowth Rate
₹285.71 Cr1.80x1.30xGrowth Rate
₹400 Cr1.80x1.82xValuation Cap
₹500 Cr1.80x2.27xValuation Cap
₹1000 Cr1.80x4.55xValuation Cap

Breakeven (without multiplier): ~₹400 Cr

DECISION FRAMEWORK​

Choose Growth Rate if:​

  • You want guaranteed returns regardless of company performance
  • You're investing in later tranches (Tranche 3, 4, or 5)
  • You prefer predictable, lower-risk investment outcomes
  • You believe company valuation will stay below breakeven point for your tranche
  • Your investment horizon is shorter (1-2 years)

Choose Valuation Cap with Discount if:​

  • You're investing in Tranche 1 (2x multiplier makes Val Cap better at almost all valuations)
  • You believe company valuation will exceed your tranche's breakeven point
  • You want unlimited upside potential
  • You're comfortable with higher risk for higher reward
  • You're bullish on the company's growth trajectory

SCENARIO ANALYSIS​

Conservative Scenario (₹200 Cr Valuation)​

VariantTranche 1Tranche 2Tranche 3Tranche 4Tranche 5
Growth Rate1.80x1.80x1.70x1.70x1.60x
Valuation Cap2.50x1.88x1.63x1.50x1.38x
WinnerVal CapVal CapGrowthGrowthGrowth

Moderate Scenario (₹400 Cr Valuation)​

VariantTranche 1Tranche 2Tranche 3Tranche 4Tranche 5
Growth Rate1.80x1.80x1.70x1.70x1.60x
Valuation Cap3.64x2.73x2.37x2.18x2.00x
WinnerVal CapVal CapVal CapVal CapVal Cap

Aggressive Scenario (₹1000 Cr Valuation)​

VariantTranche 1Tranche 2Tranche 3Tranche 4Tranche 5
Growth Rate1.80x1.80x1.70x1.70x1.60x
Valuation Cap9.10x6.83x5.92x5.46x5.01x
WinnerVal CapVal CapVal CapVal CapVal Cap

Downside Scenario (₹50 Cr Valuation)​

VariantTranche 1Tranche 2Tranche 3Tranche 4Tranche 5
Growth Rate1.80x1.80x1.70x1.70x1.60x
Valuation Cap1.82x1.37x1.18x1.09x1.00x
WinnerVal CapGrowthGrowthGrowthGrowth

KEY TAKEAWAYS​

  1. Tranche 1 (2x multiplier) - Valuation Cap is better at almost all valuations
  2. Tranche 2-5 - Growth Rate provides downside protection; Val Cap better at higher valuations
  3. Breakeven points vary significantly by tranche (₹50 Cr to ₹380 Cr)
  4. Early investors benefit most from Valuation Cap due to higher multipliers
  5. Later investors may prefer Growth Rate for guaranteed returns

Company Details​

  • Legal Name: OX Agry Private Limited
  • CIN: U01100TN2022PTC149276
  • Address: 105, South Anna Nagar, Dindigul Road, Palani - 624601, Tamil Nadu, India

Contact Information​

Document Version: 1.0.0 Issue Date: January 2026 Last Updated: January 2026

© 2026 OX Agry Private Limited. All rights reserved.