Last year, we offered a glimpse into what 90 days inside a VC fund really looks like (Link) not the unicorn headlines, but the quieter, longer, unglamorous work behind them. A year on, the mystique is the same and so is the hustle.
The last 90 days had moments worth celebrating.
- Three new companies joined our portfolio,
- Aux Ascent travelled to Bengaluru and Mumbai, and
- Auxano marked 10 years.
But the work that made those moments possible was far less visible: – a deal we chose to walk away from,
lessons from our diligence,
sharp questions from our LPs,
regular conversations with our founders, and
moments spent caring for the people behind the fund.
Here is the real version, filters off.
Welcoming New Companies—Proud to Connect
The highlight of these 90 days was growing the portfolio. We are proud to welcome Enterprise Solutions, Health Care and Food Intelligence companies to our portfolio.
Backing a founder is the start of a long relationship, not the end of a deal. We are glad to be connected with each team and look forward to building alongside them.
Aux Ascent – Taking the Conversation on the Road
Growing the portfolio is one part of the job. The other is growing the community around it.
This year, we launched Aux Ascent, a curated, closed-door initiative that brings together seasoned investors, CXOs, founders and top-tier professionals from across India to talk about alternates and more. We kicked it off in Gurgaon in June (LinkedIn | Instagram), and the last 90 days took it further:
- The 2nd edition of Aux Ascent was held in Bengaluru on 13 September, where the theme of the session was “Mapping Tomorrow: The Phygital Playbook” (LinkedIn | Instagram)
- In the 3rd edition in Mumbai on 24 October, we explored the technology behind modern wealth and discussed the journey of enterprises towards IPO (LinkedIn | Instagram)
Candid conversations on alternates, the kind that don’t happen on a conference stage, and connections that carry on long after the room empties.
Three cities, three rooms, one common thread: people who take alternates seriously and who learn more from each other than from any deck.
The best investments often start as conversations long before they become term sheets.
10 Years. Multiple Milestones. One Vision.
Ten years ago, it started with one founder, one cheque and a belief that India’s early-stage story was worth backing. Today, that belief has grown into a portfolio of founders we are proud to stand beside.
Auxano completes 10 years, and we are celebrating. Every milestone marks a step forward, and every investment represents a belief in what is possible.
Follow along on LinkedIn or Instagram as we mark the 10&Beyond journey.
Deal Flow – The Ones We Passed On
A decade in, we have learned that the cheques we don’t write matter as much as the ones we do.
Not every conversation ends in a term sheet, and that’s healthy. In this stretch, we walked away from a deal because there was no transparency from the founder on valuation.
For us, trust is the foundation of the founder-investor relationship. If we can’t get a clear picture at the start, it’s hard to build a partnership for the next 5 years. Passing is also part of the job.
Insights from Diligence – Are You Fund-Raise Ready?
Diligence also taught us something broader: many companies are not well prepared for a fund raise; the basics are left until after the term sheet, when the clock is already ticking.
A few examples we again saw in the last few months:
- Share capital classes not created. The required class of shares often doesn’t exist yet when the investment is ready to close.
- No ISIN for equity. At the very least, this can be applied for in advance rather than waiting until the deal is signed.
- No employment agreements. VCs almost always ask to see them and they are almost never in place.
None of these is hard to fix. All of them add days or weeks to closing. We wrote about this in more detail in Pre-SSA Hygiene: Reducing CPs Before You Even Sign. A fund raise is won in the pitch, but it’s closed in the paperwork. Founders who sort the elementary things early close faster.
Investor Relations – Questions We Love
Diligence is one kind of tough conversation. Being asked sharp questions by our LPs is another, and we welcome everyone. Two stood out:
- Where and how does the capital returned get distributed?
- Did a small number of successful exits provide the majority of the returns?
These are exactly the questions a thoughtful investor should ask, and they show that our LP base is evolving, mature and discerning. Answering them honestly makes us a better fund too.
Portfolio Management – Where the Real Work Lives
Our conversations with LPs are grounded in one thing: how the portfolio is actually performing.
The rhythm continued as always:
- quarterly founder calls covering business updates,
- headwinds,
- tailwinds,
- hiring and the plan ahead,
- plus board meetings across the portfolio.
Most are routine, and that consistency is what makes the rare non-routine call manageable.
Beyond the Portfolio
And none of this works without the people doing it. Not everything was about companies and cap tables. We also ran a first aid training session and a mental health session for the team, made possible by our portfolio company, Medulance.
Closing Thoughts
The moments: new companies welcomed, Aux Ascent on the road, ten years of Auxano. Behind each one, a lot of quiet work.
None of it makes a headline on its own, but together it makes a fund. And every once in a while, those small steps line up to create the moments that make the champagne worth opening.
The next 90 days will bring more of the same: supporting our newest portfolio companies, advancing deals in diligence, and bringing Aux Ascent to more cities.
Author,
Mansi Handa
