09 — The Pitch
We are raising .
At pre-money, for of the company. Not to find out whether this works — the product is built, running, and profitable from its first quarter on our numbers. The round buys speed: an independent audit years before revenue alone could fund one, the launch behind it, and the ability to stop asking five people to work for nothing.
Where the money goes
The schedule, year by year
The business underneath it
The business pays for itself from the first quarter. Operating costs are ten per cent of revenue — the team grows out of revenue rather than ahead of it — with a floor while revenue is small for the filings, counsel and store fees a company pays whether it sells or not. The round is what we choose to spend on top, and it is shown separately throughout.
At paid conversion, Spojiti crosses into operating profit in — after public launch — and closes year one with of operating profit on of revenue. Year two: . Year three: on , at a margin, leaving the period at a run-rate of a year.
The round is deployed on top of that — over three years on the audit, the team and the launch — and because the business funds itself from the start, the cash position rises every year rather than being drawn down.
Three years, quarter by quarter
Region by region
India is the beachhead, which means we grow first where the price is lowest — a year against elsewhere, a difference of roughly five times. That looks like bad news and is not: every quarter the mix shifts outward, blended revenue per user rises without a single price change.
Run the numbers yourself
You should not take our assumptions. Take yours. Every table and chart above this calculator is driven by it — move a slider and the whole page moves, including the projections, because there is only one model behind all of it.
Our base case is paid conversion, and it is an estimate we have made from the shape of the product rather than a rate measured from users — Spojiti has not launched. The slider moves in both directions so you can price your own view of it.
What this round buys, in three milestones
- A published independent security audit. Engaged at launch so the report exists in 2027. It is what turns "trust us" into "check it", and for a security product it is the difference between a claim and an asset.
- The source opened, starting with the cryptographic core, whose files the extraction tooling already proves are byte-identical to what ships in the store build. Every serious rival in this field is open. It is the row we currently lose to all of them.
- A public launch the infrastructure survives, and a team that is paid to be there for it.
What you are actually buying
You are buying of a company our model has earning in its third year, on a run-rate — at a price of that run-rate. On a cheque, your share of profit alone returns the money inside the three years, and the stake is still yours afterwards.
What that stake is eventually worth depends on what someone will pay for a profitable, audited, identity-free messenger with a payment rail nobody else has. That is a market opinion and we are not going to pretend to know it, which is why it is a slider on the calculator and not a claim in a sentence.
Spojiti has not launched publicly yet, so the forward-looking figures on this site are our projections rather than measured results.
The terms, and what happens next
at pre-money, equity, in CognitionX Logic India Private Limited. The round closes at post-money with issued to investors in total. Cheques from ₹1 lakh. The round is capped at and will not be increased — if it is oversubscribed we will scale allocations rather than take more.
You will have noticed the number in the fourth box above. pre-money values this company at the profit run-rate our own model reaches in year three. That is below what the model says it is worth, and it is deliberate.
We could price this off the forecast. We are not going to, for one reason: the forecast has no users behind it yet. A price should reflect what has been proved — a product built and running on three platforms, approved on both stores, a payment rail nobody else has, and five people who have carried it this far without salary — not what we believe comes next. You are backing us before there is proof, and the price says so. When there is proof, the next round will be priced on it.
The mechanics — the instrument, the valuation report, the board and shareholder resolutions, the filings — run through our company secretary and your own advisers. Nothing on this site is an offer of securities or a prospectus; it is the case for a conversation. The data room has the incorporation documents, the model and a way to reach us.