Between 2015 and 2024:

With top VCs like Stellaris Venture Partners, Accel in India, and Peak XV Partners backing them.

So clearly, it’s not about traction either.

Then… what is it about?

Raising money is about investors believing in your (future) ability to hit Venture Scale.

It’s about you the founder (do you have the clarity, grit, and ambition?)

It’s about execution (can you turn ideas into results?)

And it’s about speed (how fast can you move, learn, and grow?)

BUT don’t discount traction…

Especially now. In this market, traction helps a lot. Here is a thumb rule regarding traction…

Traction ≠ guaranteed funding

Plenty of startups with traction are struggling to raise.

And that doesn’t get talked about enough.

We’re told:

→ hit $3M ARR = Series A

→ double revenue = get funded

So founders burn the runway, hit the numbers… And still can’t raise. Why? Because that traction didn’t convince VCs they could hit Venture Scale.

What VCs really care about:

→ $1M → $100M in 7–10 years

→ 10% MoM growth for 24 months

→ Then 6% MoM for 3 more years

(Basically non linear returns)

Will Rigi get there? Too early to tell… we’ll see. But clearly, investors weren’t betting on today’s numbers. They were betting on future potential. So when a VC says “we need more traction,” What they often mean is: “Show us the leading indicators that de-risk your journey to scale.” Not just revenue up and to the right.

The right kind of traction is your roadmap

- Dig deeper.

- De-risk smarter.

- Build conviction.

Post Inspired from Michael Ho