India’s startup ecosystem has seen a significant surge in early-stage investments over the past decade, with angel investors playing an increasingly critical role in identifying and supporting emerging founders. Among the new-generation investors contributing to this evolving landscape is Devansh Lakhani, angel investor associated with Indian Angel Network and Founder & Director of Lakhani Financial Services.
In an interview with Indian Startup Times, Devansh Lakhani shared insights into his journey into angel investing, the importance of founder relationships, and the opportunities he sees shaping India’s startup ecosystem in the coming years. Through his work as both an investor and a fundraising advisor, Lakhani has been actively supporting early-stage startups across sectors ranging from enterprise SaaS and consumer brands to deep-tech and sports-tech ventures.
From Chartered Accountant to Startup Investor
Speaking about the early stages of his career, Lakhani told Indian Startup Times that his journey into angel investing began with a strong foundation in finance.
After qualifying as a Chartered Accountant in 2015, he spent nearly three years working in equity research and corporate finance at a brokerage firm in Mumbai. This experience, he explained, gave him a deeper understanding of financial markets and how capital flows shape the growth of businesses.
“In those years, I was closely observing how companies grow with the right financial structure and investment strategy,” Lakhani shared during the conversation.
In 2018, he launched Lakhani Financial Services, initially focusing on wealth management and investment advisory. However, as he began interacting with founders, he noticed a recurring pattern. Lakhani explained to us that many startup founders came from product, technology, or engineering backgrounds but often lacked expertise in finance, fundraising strategy, and investor relations.
Recognizing this gap, he gradually shifted his focus toward working more closely with startups helping them navigate the fundraising journey while also participating as an investor. By 2019–2020, he had started facilitating investments for startups and building a growing network of angel investors.
Backing Startups Across Multiple Sectors
Over the past few years, Devansh Lakhani has supported more than 450 startups through mentorship and advisory, while successfully raising funding for 26 startups, amounting to approximately ₹40 crore in capital. When asked about his investment strategy, Lakhani shared with Indian Startup Times that he follows a largely sector-agnostic approach.
“Our goal is not to restrict ourselves to one industry,” he explained. “What matters most is whether the startup is solving a real problem and whether it has the potential to scale.”
Some of the startups associated with his portfolio and fundraising efforts include Tusk Oral Care, BharatShor, LearnClue Solutions, and Navarres Tech, among several other early-stage ventures. These companies operate across diverse sectors such as consumer brands, SaaS platforms, e-commerce, sports-tech, and agriculture-focused ventures, reflecting the broad spectrum of innovation emerging within India’s startup ecosystem.
A ₹40 Crore Fundraising Journey
During the interview, Lakhani also spoke about the structured approach his firm takes toward startup fundraising. Today, Lakhani Financial Services works with a network of more than 700 domestic and international investors, enabling startups to access early-stage capital through a systematic fundraising process.
Discussing one of the firm’s notable deals, Lakhani shared with Indian Startup Times that his team recently facilitated funding for Tusk, an emerging oral care brand. Before proceeding with the investment, the firm conducted extensive research into the company’s product innovation, technology, and market opportunity. He noted that while the oral care industry is traditionally dominated by large FMCG companies, it also offers significant opportunities for innovative consumer brands.
“Even capturing a small percentage of this market can translate into meaningful growth for emerging startups,” Lakhani explained.
Four Key Investment Themes for the Future
Looking ahead, Lakhani told Indian Startup Times that while his past investments have been diversified, he is now increasingly focusing on four sectors that he believes will shape the next decade of startup innovation.
The first is deep tech and artificial intelligence, particularly companies building proprietary intellectual property and global technology solutions. The second is consumer internet startups, including both hardware and software products designed for digital-first consumers.
The third area of interest is premium direct-to-consumer (D2C) brands, especially those offering differentiated products rather than entering highly saturated markets. Finally, Lakhani believes sports, events, and outdoor activity platforms will become a major growth category as consumer behavior evolves.
“We believe the coming decade will see people moving outward from digital screens toward real-world experiences like sports, concerts, exhibitions, and community events,” he shared during the interview.
Why Founder Relationships Matter More Than Cold Pitches
One of the key points Lakhani emphasized while speaking with Indian Startup Times was the importance of building relationships before seeking investment. According to him, one of the most common mistakes founders make is approaching investors with cold emails or direct investment requests without any prior engagement.
“Startup fundraising is not like selling a product,” Lakhani told us. “Investors are committing capital for several years, so trust and alignment become extremely important.”
He pointed to companies like BharatShor and Tusk as examples where investments evolved from existing relationships rather than cold outreach.
“The best founders start building relationships with investors long before they actually need capital,” he explained.
The Rise of Tier-2 and Tier-3 Startup Ecosystems
Another trend Lakhani highlighted during the interview is the growing number of startups emerging from Tier-2 and Tier-3 cities across India. These regions, he believes, offer significant advantages in terms of lower operational costs, strong local talent pools, and better capital efficiency.
“Startups outside large metros often operate with much lower costs across hiring, infrastructure, and operations,” Lakhani shared.
As a result, founders in these regions can often scale their businesses more efficiently. According to him, India’s ‘Bharat cities’ are likely to play a crucial role in shaping the next phase of the country’s entrepreneurial growth.
What Makes a Founder Investable
When evaluating startups, Lakhani told Indian Startup Times that he places significant emphasis on the qualities of the founders themselves. Among the most important traits he looks for is resilience the ability to keep moving forward despite setbacks.
Equally important is adaptability, especially the willingness to pivot when market realities demand a different direction. He also highlighted the importance of empathy toward stakeholders, including employees, investors, and customers.
“Building a company is about aligning multiple stakeholders toward a shared goal,” Lakhani explained during the conversation.
Finally, he believes that a strong personal rapport between founders and investors often becomes a critical factor in navigating the challenges of building a startup.
Building Communities Beyond Investments
Beyond his role as an investor, Devansh Lakhani is also focused on strengthening the broader startup ecosystem. During the interview, he spoke about initiatives such as the Level Up Podcast and the Indian Startup Premier League (ISPL).
The Level Up Podcast, he shared, highlights the journeys of founders and entrepreneurs, providing insights and inspiration to aspiring startup builders. Meanwhile, the Indian Startup Premier League combines sports with entrepreneurship by bringing together founders, investors, and mentors in a league-style format.
“The idea is to make networking more engaging and accessible rather than limiting it to traditional boardroom meetings,” Lakhani told Indian Startup Times.
Advice for First-Time Founders
As the conversation concluded, Lakhani shared some practical advice for founders preparing to raise their first round of funding. According to him, fundraising should begin only when it is genuinely required, rather than prematurely.
He also emphasized the importance of planning the fundraising journey well in advance, ensuring startups do not run out of capital unexpectedly. But above all, he believes founders should start building relationships with investors from the very beginning.
“Networking with investors should start while you’re still building the prototype,” Lakhani said. “Fundraising becomes much easier when those relationships already exist.”
As India’s startup ecosystem continues to evolve, investors like Devansh Lakhani represent a new generation of angel backers who combine financial expertise with ecosystem-building efforts. And as he told Indian Startup Times, successful investing ultimately comes down to one simple principle:
“Capital follows trust and trust is built through long-term relationships.”
Watch Full Interview : https://youtu.be/7MIyTNHInwk?si=9rogMkdqREfgj9ZH
Interview By: Vanshika Tayal
