Venture Wolf’s Devang Raja Explores Startup Growth, Investor Mindset, and Pet Ecosystem

1. Devang, you’ve worked across Angel Investing, VC, PE and Capital Markets — how do you evaluate which funding model suits a particular startup best, especially in its early stages?

Devang Raja: Every funding model is a tool not a trophy. For early-stage startups, I first look at the risk profile and growth appetite.

One starts off with bootstrapping with raising funds from friends and family.  With this initial capital, entrepreneurs need to start working on creating a prototype. There are various government grants and incubation centers available that provide you with initial capital and support to develop your prototype.

Once the prototype is ready, entrepreneurs can start looking for angel investors who will give them money to better their product and conduct their proof of concept. These angel investors might also give them strategic advice and provide them with the right connections for startups to grow faster.

If you are a D2C startup in revenue mode, you can also look at revenue-based financing options.

Once your startup has received early traction and is in revenue mode, you will need money to scale up fast.   Early-stage VCs also known as Micro VC firms might fit better.

For mature, cash-flow positive businesses, Private Equity or even SME IPO could be ideal.

But the golden rule is simple: Don’t force-fit funding, align it with how fast you can safely scale.

2. As someone who calls himself “an entrepreneur creating entrepreneurs,” what are the top 3 non-negotiable qualities you look for in a founder before even considering their pitch?

Devang Raja:

1.Coachability: If you think you know it all, I’m out.

2️. Execution mindset: I want doers, not dreamers.

3️. Skin in the game: If you haven’t risked your own time, energy, and money, why should I?

3. For a startup preparing for its first pitch to angel investors, what’s more important to you — the idea, the execution capability, or the market size? Why?

Devang Raja: Always execution capability. A brilliant idea in an untapped market is worthless if you can’t execute. A decent idea, well executed, in a big enough market, that’s gold. Ideas are cheap. Execution is rare.

4. Many founders struggle with financial storytelling. What are some key financial metrics or clarity you expect from a pitch deck that’s investor-ready?

Devang Raja: Keep it simple, but bulletproof:

●     Current revenue or clear revenue roadmap.

●     Burn rate and runway, how long before you run out of cash?

●     Unit economics, what does it cost to acquire and serve a customer?

●     Gross margin, do you have pricing power?

 Don’t give me vanity projections. Show me realistic numbers I can trust.

5. You’ve seen many pitches and funded diverse ventures — can you share a pitch that stood out to you and why it was memorable or successful?

Devang Raja: One founder came with no fancy slides, just a prototype, real user feedback, and a clear plan. What made it stand out?

1. He knew the market inside out.

   
   

2. He knew what he didn’t know and asked for help.

   
   

3. He didn’t sell me a dream; he showed me the traction.

That pitch closed in one meeting. Proof always beats potential.

6. From your experience in real estate and infrastructure funding, how does fundraising differ in asset-heavy sectors versus digital-first startups?

Devang Raja: Real estate and infra are asset-heavy; the funding is usually debt-driven, secured, and longer term. You back the asset value and revenue streams. In digital-first startups, you’re betting on growth potential, not tangible assets. It’s more equity-driven, high-risk, high-reward. One needs collateral; the other needs conviction.

7. India is buzzing with startup energy, but also with a lot of noise. How do you personally filter out noise and identify the startups with genuine long-term potential?

Devang Raja: I look for clarity in chaos.

 If a founder can break down their business in two minutes without jargon, they get my attention. 

Then I look for:

●     Early proof of traction, not just hype.

●     Real customer love, not just downloads.

●     Founders who can survive a down market, not just a funding boom.

8. Lastly, what advice would you give to founders looking to raise funds in today’s cautious but opportunity-rich capital climate? What mindset should they adopt?

Devang Raja:Two words: Capital efficiency.

• VCs today want proof, not promises.

• Raise what you need, spend wisely and build revenue muscle early.

• Focus on resilience, real metrics and protect your runway.

Remember, the best funding strategy is building a business that eventually doesn’t need funding to survive

9. The Indian pet industry is witnessing rapid growth across categories — from pet food and grooming to tech-enabled services. If you were to invest in one segment today, would pet food be your first choice, or would you bet on a different vertical within the pet ecosystem? What factors would influence your decision?

Devang Raja: Pet food is booming, but also getting crowded fast.

Personally, I’d look at tech-enabled pet services, vet-tech, insurance, health tracking or D2C wellness brands.

Why? India’s urban pet parents want convenience and trust, whoever cracks repeat, predictable spend with digital convenience wins.

So, my decision would hinge on:

Scalability, Recurring revenue potential and how easily it can expand beyond metros.