Valuation

Three scenarios. Every number traceable to a labeled input below. Comparables: Pathao, bKash, ShopUp, Daraz BD; regional Gojek/Grab; AI-infra HuggingFace/Replicate/Together.

Scenario	ARR Y1	ARR Y3	ARR Y5	Multiple	Equity value

Inputs

Each row is tagged measured / projection / assumption.