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Partner Grow

Weekly newsletter doing deep dives into the fastest-growing startups and helping you invest smarter in quality IPOs

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Written by

Rohit Malhotra

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Featured Posts

S1

Chime IPO: S1 Breakdown of the Neobank's Metrics

May 22, 2025

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39 min read

Chime IPO: S1 Breakdown of the Neobank's Metrics

Chime's S1: $1.64B revenue in 2024, 8.6M active members, an interchange driven model and its first positive EBITDA quarter in Q1 2025.

Rohit Malhotra
Rohit Malhotra

S1

Pony.ai's IPO: Toyota’s investment and a Lower $4B Valuation

Nov 6, 2024

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27 min read

Pony.ai's IPO: Toyota’s investment and a Lower $4B Valuation

Rohit Malhotra
Rohit Malhotra

S1

Figma IPO: S1 Breakdown of the Product Design Platform

Jul 10, 2025

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8 min read

Figma IPO: S1 Breakdown of the Product Design Platform

Figma's S1 shows $912M ARR, 88% gross margins and 132% net dollar retention. How its PLG to enterprise motion works and the key risks.

Rohit Malhotra
Rohit Malhotra

Latest posts

M&A

Tech M&A Multiples 2026: What Acquirers Actually Paid

Nov 2, 2026

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3 min read

Tech M&A Multiples 2026: What Acquirers Actually Paid

Revenue and ARR multiples for every tech acquisition Partner Grow has broken down, from Hugging Face at 86x to Miro at 2.3x. Median about 9x.

Rohit Malhotra
Rohit Malhotra

S1

Tech IPO Tracker 2026: Every S1 Breakdown in One Table

Nov 1, 2026

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3 min read

Tech IPO Tracker 2026: Every S1 Breakdown in One Table

Every IPO filing Partner Grow has broken down, with valuation, revenue, growth and profitability in one table. SpaceX, Oura, Nscale, Bending Spoons and more.

Rohit Malhotra
Rohit Malhotra

M&A

Salesforce Buys Braze for $5.66B: Why It Paid 6.2x

Oct 28, 2026

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8 min read

Salesforce Buys Braze for $5.66B: Why It Paid 6.2x

Salesforce is paying $5.66B for Braze, 6.2x revenue versus the market's 3.14x and still 27% below its IPO price. Why it paid up, and who loses.

Rohit Malhotra
Rohit Malhotra

Round

Modal Lands $750M Series D at $15.75B Valuation

Oct 21, 2026

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6 min read

Modal Lands $750M Series D at $15.75B Valuation

Modal raised $750M at a $15.75B valuation, five months after its Series C, as run rate crossed $1B. What Accel is paying for, and why Sandboxes matters.

Rohit Malhotra
Rohit Malhotra

Round

Firecrawl raises $75M Series B

Oct 15, 2026

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6 min read

Firecrawl raises $75M Series B

Firecrawl raised a $75M Series B led by Smash Capital, 13 months after a $14.5M Series A. What the round says about the web data layer for AI.

Rohit Malhotra
Rohit Malhotra

Round

a16z-backed EliseAI raises $350M

Oct 8, 2026

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6 min read

a16z-backed EliseAI raises $350M

EliseAI raised $350M at a $4B valuation, double its Series E price. It runs in one in six US apartments and crossed $200M ARR. What a16z is buying.

Rohit Malhotra
Rohit Malhotra

S1

Nscale IPO: S1 Breakdown

Oct 1, 2026

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10 min read

Nscale IPO: S1 Breakdown

Nscale filed for a NYSE IPO at a reported $35B. Revenue up 1,252% to $140.6M, gross margin of negative 35% and a $1.02B net loss. What the S1 hides.

Rohit Malhotra
Rohit Malhotra

M&A

Bending Spoons to buy Miro

Sep 24, 2026

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9 min read

Bending Spoons to buy Miro

Bending Spoons pays $1.79B for Miro, but strip out $435M of cash and enterprise value is $1.355B on about $600M ARR. The same playbook, twice in five weeks.

Rohit Malhotra
Rohit Malhotra

S1

Oura IPO: S1 Breakdown of the $16B Smart Ring Maker

Sep 17, 2026

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9 min read

Oura IPO: S1 Breakdown of the $16B Smart Ring Maker

Oura filed at a reported $16B valuation. We break down $1.4B revenue up 74%, its 89% margin membership, 74% ring share and $1.2B of buybacks.

Rohit Malhotra
Rohit Malhotra
...
Partner Grow

Partner Grow

Weekly newsletter doing deep dives into the fastest-growing startups and helping you invest smarter in quality IPOs

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