A Series A is a startup's first significant institutional venture capital round, typically raised once the company has demonstrated product-market fit and wants to scale. In India, Series A rounds typically range from ₹10 crore to ₹100 crore at valuations of ₹50 crore to ₹500 crore.
How rounds progress
| Round | Stage | Typical size (India) | |---|---|---| | Pre-Seed / Seed | Idea → MVP | ₹1–25 crore | | Series A | PMF → Scale | ₹10–100 crore | | Series B | Scale → Expand | ₹50–500 crore | | Series C+ | Growth → Pre-IPO | ₹200 crore+ |
Why it matters for unlisted shares
Each round valuation creates a reference price for the secondary market. As a buyer of unlisted shares, knowing whether the last round was a Series A or Series C tells you how mature the company is, how much institutional validation it has, and roughly what the risk/return profile looks like.
Example: Unlisted shares trading just below a company's Series B valuation — rather than a discount to it — can signal that secondary buyers are already pricing in significant further upside.