I end up telling entrepreneurs that in case you’re raising from VCs, expect to dilute 20–25% regardless of the amount you’re seeking
All the data (well almost) you need around Seed Investments in India
Rishabh Kaul

That’s too much and more indicative of dilution from 2012–2014 in India. I tell companies and companies pitching me that they should aim for no more than 15–20% dilution when they start raising an A.