Unveiling the Truth of India’s Venture Capital
Exposing Fraudulent Practices in India’s Venture Capital Scene
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In recent years, India’s startup ecosystem has garnered significant attention on the global stage, fueled by a surge in venture capital investment and a burgeoning entrepreneurial spirit. However, behind the glittering facade lies a darker reality of fraudulent practices and exploitation, particularly within the realm of venture capital.
As a seasoned entrepreneur and advisor with extensive experience in the Indian startup ecosystem, I feel compelled to shine a light on the nefarious activities that have become all too common in the industry. My journey, which spans years of dedicated effort and invaluable contributions to various ventures and investment firms, has provided me with a unique perspective on the inner workings of the venture capital scene in India.
From 2014 to 2015, I dedicated countless hours to sourcing investment deals, crafting investment theses, and facilitating introductions within my extensive network, all without compensation. My efforts played a crucial role in identifying promising startups and securing significant investments for firms like Accel India. However, despite my contributions, I received no financial compensation or recognition for my work.
One such instance involved my involvement in sourcing investments for Coverfox and Bizongo, which ultimately resulted in millions of dollars in funding for these companies. Despite assurances of equity participation, I was denied any ownership stake in these ventures, even as they went on to achieve remarkable success in the years that followed.
Similarly, my role in identifying Spinny as a promising investment opportunity for Accel India went unrecognized, as the firm proceeded to invest millions of dollars in the company following my departure. The lack of acknowledgment for my contributions, coupled with the blatant disregard for our initial agreements, serves as a stark reminder of the unethical practices prevalent in India’s venture capital landscape.
It is not merely a matter of financial compensation but a question of integrity and accountability. The actions of firms like Accel India undermine the trust and credibility of the entire startup ecosystem, discouraging honest entrepreneurs and investors from participating in the market.
As I continue to advocate for transparency and fairness in the industry, I urge fellow entrepreneurs and investors to remain vigilant and hold accountable those who seek to exploit and deceive. By exposing the truth behind fraudulent practices and demanding accountability from venture capital firms, we can strive towards a more equitable and ethical startup ecosystem in India.
Through my books and social media platforms, I am committed to amplifying the voices of those who have been wronged and shedding light on the injustices that persist in the venture capital scene. Together, we can create a future where integrity and honesty prevail, and where every entrepreneur has a fair chance to succeed.
It is time to confront the reality of fraudulent practices in India’s venture capital scene and demand accountability from those responsible. Only then can we build a thriving startup ecosystem that fosters innovation, empowers entrepreneurs, and upholds the principles of integrity and fairness.
~Ansh PYURA Verma
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PS: Because of my unbiased opinions and my habit of putting out facts/truth for the wider consumption of people, a bunch of frauds from the Indian venture capital industry have been attacking my life, my career, and surprisingly, my family members too, aided and supported by a few local politician friends in their network. Most of these fraud VCs work in the Bangalore office of a global fund headquartered in SF.
