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76% of founders are bullish on business growth in the near future: 100X.VC Survey

National, August 10 th 2022: 100X.VC, India’s first venture fund to invest in early-stage

startups using iSAFE Notes, is providing deep insights into the early-stage startup landscape of

the country with the 3rd Edition of ‘India Sentiment Outlook Survey.’ The survey was

conducted among 475 founders from different sectors and 75 investors participating in early-

stage ventures.

Ninad Karpe - Partner - 100X.VC said, “The Indian startup ecosystem had 44 unicorns in the

past year and we’ve already witnessed 17 unicorns emerged in 2022. Given the economic

conditions, the survey result indicates a mixed reaction from founders and investors around

the current market landscape. However, we are optimistic that there is still room for early-

stage funding with credible and large investment deal flow.”

Detailed findings of the survey are as follows:

Founder’s survey findings -

I. Expecting growth: 76% of founders are bullish on business growth in the near term.

Only 24% of them are bearish on their expectation for business growth. This indicates

an increase in investor trust in Indian startups, which are emerging as a high-return

asset class. The factors leading to the growth include a conducive market

environment, quality of businesses and an increase in angel investment activity.

II. Outlook on fundraising possibilities: 49% of founders believe fundraising has improved

significantly in the post-pandemic scenario. About 23% feel it will be extremely

difficult, and 28% expect no change. The Companies Bill will provide additional

support to entrepreneurs and clarity on corporate structures and governance.

III. Plans on raising funds: More than half of the surveyed founders (52%) plan to raise

funds in the next three months, 26% to raise funds in the period of 3-6 months, 15% in

6-12 months and 7% in more than 12 months. Founders now prefer first working with

Angel Investors, VCs and Angel Networks.

IV. Funding amount: 53% of founders plan to raise up to UDS 300K, 16% are targeting USD

300k-500k, and 13% of founders to raise USD 500k to 1 million. Around 5% of founders

plan on raising more than USD 5 million.

V. Key sources of funds: The top 3 sources of funding are direct investments from Angel

Investors, Angel Networks and Venture Capital Funds. 26% of founders also feel that

family, friends, and corporate venture capital are key funding sources. A very small

number of founders go to banks or family offices for funding.

VI. Awareness of iSAFE notes: About 59% of the surveyed founders are aware of iSAFE

notes. iSAFE is a simple document similar to a convertible note that secures investors

the right to some future equity. About 52% of founders find iSAFE a founder-friendly

investment instrument for seed stage funding.

VII. First cheque: 46% of founders believe Rs 1.25 crore cheque from 100X.VC will last 12

months, around 12% believe it will last beyond 18 months, and the remaining founders

think it will sustain for 12-18 months. Founders also want investors that can make

value additions as well. They also expect business introductions, mentoring and


VIII. Focus on Metaverse: 55% of the founders believe Metaverse and Web3 are

good opportunities for Indian startups, and 17% feel that these are not big trends with

Indian startups. With these technologies, a digital economy is under construction and

will be disconnected from the physical economy in the next decade.

Investor’s survey findings -

I. Investors’ plans: The majority of the investors, which is 52%, plan on investing in less

than five companies in the next 12 months, 37% want to invest in 5-15 companies, and

11% say they will invest in more than 15 companies in the next 12 months.

II. Unicorns in India by 2025: Roughly 45% of the investors expect 100-200 more unicorns

in the country by 2025. 32% expect less than 100 unicorns, and 23% expect more than

200 unicorns. It is an indication of enormous confidence in the growth trajectory

outlook from the investors.

III. Source of startup deals: 48% of investors believe more start-up deals will come from

angel investors at the seed stage. 14% believe more startup deals will come from

accelerators. A small fraction of 9% of investors feel more deals coming from

incubators, and 7% believe they come from investment bankers.

IV. Perspective on iSAFE notes: A good percentage of 75% of investors believe iSAFE is

simple to execute with no legal cost. 25% opine iSAFE is simple to execute with a legal

cost, and 4% view iSAFE as complex to execute with no legal cost.

V. Priority sectors: 23% of investors are closely monitoring SaaS-based startups, 22% are

looking at FinTech startups, 21% at deep-tech startups, 18% at B2B startups and 18% at

clean-tech startups. Other sectors like Agritech, Web3 and EdTech are on a low


VI. Leading deals and factors influencing investments: 51% of investors are leading

deals. While making the investment decision, 18% of investors prioritize Founders’

Right to Win, 14% of the investors prefer market size and 12% look at the business


These are the findings of 100X.VC’s latest India Sentiment Outlook Survey. For full access

to the detailed report, more detail, please log on to

About 100X.VC

100X.VC is India’s first venture fund to invest in early-stage startups using iSAFE (India Simple

Agreement for Future Equity) Notes. 100X.VC is a SEBI Registered CAT I AIF, Investment

Adviser and the first Institutional Investor in our portfolio companies. The fund is sponsored

by Mehta Ventures (, the Family Office Investment arm of Sanjay


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