Reality of Venture funding

So recently I have seen number of founders posting on LinkedIn about how Foxhog VC have potentially duped founders and have made money.

In this post I'll tell you about other so called venture capitalist and angel networks who hawk on young and first time founders and milk them of their hard earned money or do no simply invest.

So to give you a brief background im a serial entrepreneur who's building into deeptech and in my previous venture I had my own share of lessons when it comes to funding.

The fund im talking about today is ValleyNXT ventures, they claim to be building YC of India but in reality all they have is a angel network and some 7-8 investments.

I met someone from their investment team at a event....he told me works for the fund and boasted that he's CA ranker (dude idc...who does that in first meeting with startups)....then after walking him through my tech....he started asking me all useless stuff and told me how they can help me get business connections and access to top mentors. When I asked him what sort of connections he can give to a deeptech company he went numb at first but deflected the question altogether....when I asked about the mentors he did the same. Then he went on to tell me how they are building a top class accelerator in delhi with 400 cr planned funding....I got curious and started asking him more questions which unraveled how they plan to make money.

So he said that they will invest 4 cr in us that too in tranches and we have to join their 9 month physical accelerator in delhi ncr...at first he boasted how it will be better than YC and how it is compulsory to relocate to delhi( something which first time young founders can fall into) but when i asked him about expenses of relocation and stay he said all the expenses of our stay and office in Delhi will be borne by the founder and not the fund....dude we all know how you'll get your kickbacks in this. The fact he didn't knew and which I know being a friend of a YC backed startup is that YC dont charge a penny for their office and stuff and neither does antler india, this made me a little curious about them and I did a deeper research about their partners on website and it seems none of them are full time employed in the fund...all are working on other ventures too....VC partners always say that we cannot believe founders who are employed elsewhere...then the same law should apply to them as well.

P.S- I have also talked to some other founders in BLR and HYD as well in that event who had gone through their investment process and had similar stories to share.