What Indian Founders Misunderstand About How VCs Actually Make Decisions
The partner who said they're 'excited' probably won't back you. The partner who asked hard questions probably will. Here's how the decision actually works inside a fund.
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“VC investment decisions are almost never made by the partner you pitched. They are made in partnership meetings where the partner who heard your pitch is the advocate. If that partner can't summarize your business in 60 seconds with the key signals clearly stated, you don't get the vote. The pitch to the partner is preparation for the partner's pitch to their partners.”
“The 'excited' signal is one of the least reliable indicators of a likely investment. Partners who are genuinely interested ask uncomfortable questions — about the business model, the competitive dynamics, the exit path. Partners who are not interested generate positive energy to manage the relationship and preserve optionality. Most founders can't tell the difference.”
“Indian VC decision-making at most funds is structurally consensus-driven. A single strong advocate and zero blockers is the minimum threshold for a deal to proceed. Understanding who the potential blockers are — and which concerns could generate a veto — is more useful fundraising intelligence than building rapport with the most enthusiastic partner in the room.”
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Amit Tyagi
Founder, AletheiaAI & GP, Fitoor Capital
Veteran of India's startup ecosystem. Writing about fundraising, investor psychology, and what it takes to build fundable startups in India.
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