Commercial Due Diligence
Independent validation of the market, customers, and competitive claims underneath a transaction.
Commercial DD answers the questions the dataroom is structured to make you forget: is the market as described, do customers behave as claimed, and does the growth plan survive competitor response? We verify with primary evidence and report with confidence levels, on deal timelines.
Who this is for
Funds and acquirers in live processes; founders preparing for one.
How the work is done
Validate the market
The target’s TAM re-derived independently by triangulation; growth assumptions tested against diffusion logic and analog markets rather than the CIM’s trend line.
Verify customer reality
Structured customer references designed for disconfirmation (churned and at-risk customers included where negotiable), cohort and retention data verified against raw exports, and NPS-style claims re-based against measured behavior.
Stress the competitive claims
Positioning claims tested against the landscape: pricing comparisons, win/loss patterns, and the plausible response of the two competitors with the most to lose from the target’s plan.
Report for the deal clock
Red-flag protocol for anything urgent, then a confidence-graded report mapped to the investment thesis line by line: supported, partially supported, contradicted, unverifiable-in-window, with first-100-day implications.
How the Commercial Due Diligence engagement runs
We begin with the decision, use the evidence that can genuinely change it, and make the reasoning reviewable from first input to final handover.
What we need to begin
- The commercial thesis broken into its component claims, so findings can be mapped to it line by line.
- The data room, with cohort and churn data supplied as raw exports.
- The reference list offered by the target, plus permission to source references independently of it.
- Win/loss data and the sales pipeline with stage history, not just current stage.
If an input is unavailable, we state the gap, its effect on confidence, and the agreed workaround. It is never quietly ignored.
Your four-phase engagement map
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Phase 1
Validate the market
Re-derive the target's TAM independently by triangulation; test growth assumptions against diffusion logic and analog markets.
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Phase 2
Verify customer reality
Structured references designed for disconfirmation, cohort and retention data verified against raw exports, and NPS claims re-based against behavior.
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Phase 3
Stress the competitive claims
Test positioning against the landscape with pricing comparisons, win/loss patterns, and the plausible response of the two competitors with the most to lose.
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Phase 4
Report for the deal clock
A red-flag protocol for anything urgent, then a confidence-graded report mapped to the thesis line by line with first-100-day implications.
Methods and models we draw on
- Independent TAM re-derivation
- Reference programs designed for disconfirmation
- Cohort & churn verification
- Win/loss analysis
- Competitor response assessment
- Confidence-graded reporting
Methods are chosen for the problem, not the brochure, expect a subset of these, applied properly, plus whatever the evidence demands.
The decision this enables
The commercial thesis confirmed, corrected, or contradicted, before the wire, not after.
Research, not investment advice
Jagdeep Ventures produces independent research and analysis for informational and educational purposes. To keep that boundary clear and professional:
- No recommendations. Nothing we deliver constitutes a recommendation, offer, or solicitation to buy, sell, or hold any security or financial instrument, or to pursue any investment strategy.
- No advisory registration. Jagdeep Ventures LLC is not registered as an investment adviser, broker-dealer, or research analyst with the SEC, SEBI, or any other regulator, and does not provide personalized investment advice. No fiduciary or advisory relationship is created by an engagement.
- Scope. Our work evaluates businesses, markets, and evidence quality. Decisions about whether and how to invest, including suitability, sizing, and timing, remain solely with the client and their licensed advisers.
- Conflicts. We disclose any material conflict of interest before accepting an engagement and do not trade in securities of companies under active coverage during an engagement.
- Jurisdiction. Clients are responsible for ensuring that use of our research complies with the laws and regulations applicable to them. Where an engagement touches regulated activity, we will say so and step back.
Analysis involves judgment under uncertainty; estimates can be wrong, and past results do not guarantee future outcomes.