Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

Triton Investment Advisors · FY26 (modeled)

Top 20 Indian early-stage VC

18 employees · 0+ US sites · 1 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $68M (≈ 691 weeks cover), but $-2.2M of working capital is trapped in receivables — pull DSO from 24d to 48d to self-fund the next deal rather than draw the $57M of covenant capacity.

5 of 5 headline metrics improving vs prior · still off target: Fund Liquidity ₹68Cr vs ₹75Cr, Free Cash Flow ₹7Cr vs ₹9Cr, Cash Conversion Cycle 8d vs 5d

Do now — ranked by urgency

1
Deploy $57M of deal capacity to the 5.5× covenantAct now
Why it matters
Headroom to the 5.5× ceiling buys ≈ $6M of acquirable EBITDA at ~10× — idle firepower against the group thesis.
What's driving it
Net-debt capacity $57M to 5.5×
13-wk cash trough $0.15M vs $20M minimum
FYI
Liquidity $68M ≈ 691 weeks cover
FCF $7M = 64% EBITDA conversion
See deleveraging →
2
Lastaki Advisors credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
3
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
4
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), PagarBook (66d), Lastaki Advisors account (67d) lifting blended DSO.
Act →▤ open the overdue book

💎 Fund Value Creation & ExitStep 5 of 7 · cash conversion, leverage, covenant◀ Finance 360 Brand 360 ▶All journeys

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↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥Customer 360· DSO by account 🚪Exit Readiness· debt & deleverage path

Liquidity

$68M

≈ 691 weeks cover

Free cash flow

$7M

64% EBITDA conversion

Cash conversion cycle

DSO 24 + DIO 18 − DPO 32

Working-capital unlock

$-2.2M

DSO 24→48d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $0.15M.

Breach risk

$0.18M

Opening cash

$1M

13-wk collections

$1M

13-wk disbursements

$0.2M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$11M EBITDA converts to $7M FCF (64%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables24d

DIO — inventory18d

DPO — payables (offset)(32d)

Cash conversion cycle8d

Where cash is trapped

Working-capital cash unlock

$0.0M

Normalizing lagging units to 50-day DSO releases ~$0.0M one-time.

Camcom67d

$0.0M

Bizom61d

$0.0M

Triton Fund-I56d

$0.0M

PagarBook66d

$0.0M

Recykal60d

$0.0M

Triton Fund-II58d

$0.0M

ScikIQ54d

$0.0M

Collections

AR aging

Total AR $1M

Current days$0.29M

1-30 days$0.16M

31-60 days$0.07M

61-90 days$0.05M

90+ days$0.05M

Overdue (>60d) = $0.1M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Lastaki Advisors	$0.03M	67d	High
Recykal	$0.07M	63d	Medium
B2B SaaS entrepreneurs	$0.02M	59d	Medium
Bizom	$0.08M	58d	Low
AI/ML startups	$0.04M	55d	Medium
IBM	$0.05M	52d	Medium
UPS	$0.06M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Legal Advisors India	$0.34M	45d	96%	Low
Fund Auditors	$0.31M	42d	93%	Low
Deal Diligence Consultants	$0.22M	38d	90%	Medium
Startup Incubators	$0.14M	36d	89%	Medium
LP Custodian Banks	$0.12M	40d	95%	Low
Co-investor VCs	$0.1M	44d	92%	Low