Glossary / metrics

Runway (Cash Runway)

metrics

Quick Definition

Runway is months of cash remaining before company runs out of money. Calculated: Cash in Bank ÷ Monthly Burn Rate. Critical survival metric—founders should always know runway. Target: 18+ months. Below 6 months = emergency mode.

Detailed Explanation

Runway determines survival timeline. Calculation: ₹1.8 crore in bank, ₹30L monthly burn = 6 months runway. Runway scenarios: 18+ months: Comfortable—can focus on growth. 12-18 months: Start planning fundraise (fundraising takes 3-6 months). 6-12 months: Actively fundraising or cutting burn. 3-6 months: Emergency—cut burn 50% immediately or company dies. <3 months: Crisis—shut down or fire sale acquisition likely. Extending runway: Increase revenue (close more deals, raise prices, launch paid features), Reduce burn (freeze hiring, cut marketing spend, renegotiate contracts, go remote), Raise funding (equity, debt, grants), Hybrid approach (cut burn AND raise). Common mistake: Raising too late. Fundraising takes 3-6 months, so start at 12-15 months runway. Waiting until 6 months = desperate, weak negotiating position, bad terms, or no deal. Runway thinking: Series A funded: ₹40 crore raised, ₹1.5 crore/month burn = 27 months runway. Goal: Reach Series B metrics (₹10 crore ARR) in 18-24 months. Buffer for delays. Efficient: Raised ₹10 crore, kept burn ₹30L/month = 33 months runway. Reached profitability before needing Series B. Strong position. Runway is oxygen—track weekly in board meetings.

Formula

Runway (months) = Cash in Bank ÷ Monthly Burn Rate. With revenue: Runway = Cash ÷ (Burn - Monthly Revenue)

Real-World Examples

Good runway management

Raised ₹20cr Seed, burned ₹50L/month = 40 months. Reached ₹2cr ARR in 24 months (still had 16 months left). Raised Series A from strength—great terms.

Bad runway

Raised ₹10cr, burned ₹2cr/month (hired 50 people too fast) = 5 months runway. Desperate Series A at 3 months runway—took bad terms (down round, huge dilution).

Near-death

2 months runway, ₹30L in bank. Froze all spending, let go 80% of team, founders worked for free. Survived, became profitable bootstrapped company. Runway crisis forced discipline.

Why It Matters for Your Startup

Runway is life or death. Running out = shut down (90% of startups) or fire sale acquisition (pennies on the dollar). Knowing runway enables planning: When to fundraise (12-15 months out), When to cut burn (below 9 months), When to panic (below 6 months). VCs check runway in diligence—<12 months at close = red flag (will need more money soon).

Common Mistakes

  • Not tracking runway weekly (should be top metric on dashboards)
  • Assuming fundraising takes 1 month (actually 3-6 months—start early)
  • Burning too fast in good times (₹3cr/month burn → panic when Series A delayed)
  • Not having plan B (if fundraise fails, can you cut to profitability?)
  • Hiring ahead of revenue (burning runway on team before PMF)

Frequently Asked Questions

How much runway should I have?

After raising: 18-24 months minimum (buffer for delays). Start next fundraise at 12-15 months runway (takes 3-6 months). Never drop below 6 months without plan.

When should I start fundraising?

At 12-15 months runway. Gives time for: 2-3 months prep (deck, metrics), 3-6 months pitching, Buffer if fundraise takes longer. Don't wait until desperate—bad deals result.

What if I'm running out of runway?

Options: (1) Cut burn 50%+ immediately (layoffs, freeze hiring), (2) Raise emergency bridge (debt, angels), (3) Get to profitability (revenue - costs > 0), (4) Shut down gracefully. Act at 6 months, not 2.

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