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How VCs Evaluate Startups: Insights from Rajan Anandan & Mukul Arora
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Every founder walks out of a pitch with the same question: What actually just happened in that room? This episode opens that door.
In this conversation, Rajan Anandan of Peak XV Partners and Mukul Arora of Elevation Capital sit down with Anand Daniel, Partner at Accel, to unpack how venture capitalists actually evaluate startups at the earliest stages.
They break down what stands out in a first meeting, why unique founder insight matters, and how investors separate genuine customer understanding from great storytelling. The conversation goes deep on founder obsession, clarity of thought, and the subtle moments that make an investor lean in or quietly lose interest. From why referrals matter to how “traction” is often misunderstood, this episode challenges many of the assumptions founders carry into fundraising.
Rajan and Mukul also speak candidly about rejection. They discuss why most investor passes aren’t final, and how founders can remain top of mind.
This episode is a must-watch for every founder who is preparing to raise, or trying to understand how investors really think when making high-stakes decisions.
We’re looking for the next generation of successful Indian marketplaces. If you’re an early-stage marketplace founder, apply now here or learn more about the #DecodingMarketplaces Startup Hunt.
We’d love to hear about your experiences with marketplaces. Let us share our learnings and build a better and stronger ecosystem. Write to us at [email protected] to be a part of the Accel family.
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We’re building Passionfroot 1, an operating system for creators to manage their business.
We’re based in Europe and raised our $ 3.4m pre-seed round from Creandum and US angels such as Vlad (Webflow) and creators like Ali Abdaal.As we’re creating a new category and as the creator economy is global and mostly online, we’re building from Day 1 a global company and product that helps creators monetize around the world.
This brings a lot of complexities especially in terms of payments and taxes as our early users are based both in Europe and the US and deal with cross-border transactions.What are Do’s and Dont’s for European startups who have a global ambition and build products for a global customer base from Day 1. Anything you would do differently?
Thanks @pjbouten! Love how you’ve thought about incrementally shaping a category with a focus on product and service, and only then thinking about getting the message out there vs the other way around.
And totally agree on the distinctions and overlaps both self-serve and enterprise motions share.
Thanks, PJ, for taking the time to address questions from the great vantage of shaping Showpad into a global, enterprise SaaS brand!