Vaidya: Enterprise SaaS benchmarks require 100-120% NRR, while SME allows 90%
Ash Vaidya · Navigating Venture Debt: Startup Insights from Multiplier Capital · Jun 18, 2025 · at 7:41
Multiplier Capital Managing Director Ash Vaidya explains the baseline gross and net retention benchmarks he uses when evaluating enterprise versus SME startups for venture debt underwriting.
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“Like if a company is an enterprise focused business, right? Typically speaking, we're seeing, you know, gross and net retention numbers are sort of in the 90% range to the hundred to 120% range for those. If it's an enterprise focused business, right? If it's a SME focused and market business, right? That you're talking to, then it's okay to have a gross retention, maybe in the 70 to 80% range and the net retention to be in the 90% range.”
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