If LPs Prioritise Track Record Over Gender, More Women GPs Will Raise Larger Funds: Archana Jahagirdar

The venture capital ecosystem in India has long been an old boys' club where relationships, deal flow, and capital allocation overwhelmingly favoured men, with women holding just a tiny fraction of decision-making roles and cheque-writing power. For decades, female representation in VC partnerships hovered below 5-15% in most firms, and women-led startups captured only a sliver of funding. Stereotypes persist since VC is framed as high-risk, high reward, requiring "masculine" traits, so women investors are often labelled "too cautious" while their strategic acumen is overlooked. Add the unequal burdens of cultural norms, motherhood, and household responsibilities that many men simply don't face, and the barriers compound.

But we are seeing a shift. Women are aggressively carving their own space as founders, investors, decision-makers, and power players-reshaping how capital flows. Momentum around women-led funds is surging, with these vehicles demonstrating strong viability, disciplined strategy, and outsized impact across sectors. Women founders continue to outperform as they build more capital-efficient businesses, drive inclusive innovation, and deliver superior returns when given the chance. The gender gap remains real, but India's growth story is too massive and dynamic to sideline half its talent any longer.

Absolutely, as a woman who has navigated India’s VC world for many years, I have experienced it more times than I would like to count. Early in my career and even during casual networking at events, the lens often shifted to “woman” before “VC.” I have been in rooms where conversations shifted toward the weather, family, or unrelated small talk. Unfortunately, society is also extremely unforgiving to us for our mistakes, which often causes women to steer away from taking slightly bigger decisions or even roles.

But that said, patience and perseverance are two mantras that have always helped. There will be rooms where you will not be taken seriously, but rather than reacting right away, take some time, evaluate, and then conquer. When I started the VC fund, it also took me some time to navigate through the space, but I ensured that I surrounded myself with teams, colleagues, and founders who shared a similar vision.

That said, I learned to gently but firmly steer the discussion back to capital allocation, deal flow, and understanding the founder’s story. Over time, consistency, preparation, and clarity of thought changed this dynamic. When you contribute with conviction, confidence, and tangible insight, the room adjusts. The focus moves from who you are to what you bring to the table, and that, ultimately, is what builds credibility.

The goal is not to create a parallel or segregated ecosystem but to ensure balanced integration and representation. Dedicated women-focused funds can help correct early imbalances, boost visibility, build confidence, and strengthen the support ecosystem. However, it is equally important to recognize that separate funds are bridges, not destinations.

Real progress happens when women founders and investors receive the same level of scrutiny, support, and scale as their counterparts, without needing a “woman-only” label. When evaluated on capability, conviction, and performance, they consistently excel and contribute meaningfully. If LPs and larger funds prioritize track record over gender, we will see more women GPs raising larger funds, writing bigger cheques, and generating stronger capital recycling within the system. With institutional backing firmly in place, women are not just participants, they are positioned to lead across sectors including consumer, health tech, fintech, sustainability, and deep tech and more.

Separate funds provide early viability and confidence, but the broader VC ecosystem thrives on talent and ambition. India is moving toward a more inclusive capital landscape faster than ever, and the stronger the push for equal backing across the board, the faster we accelerate growth for founders, investors, and the country’s larger economic story.

While overall representation is still evolving, the D2C space has created strong pathways for women’s leadership. One of the key reasons is that many women bring an intuitive understanding of consumption patterns, lifestyle shifts, wellness trends, beauty, parenting, and community behaviour.

Today’s buyers are far more conscious and community-driven, with a growing inclination toward homegrown and purpose-led brands. This shift was visible in our Aspirations of New India insights, where around 35% of respondents said they shop exclusively from women-led businesses. Among Millennials and Gen Z, this preference was even stronger, with up to 72% favouring women-led or cause-driven brands. That consumer alignment naturally creates momentum for women founders in the D2C space.

D2C brands also require strong storytelling, community engagement, brand loyalty, and clarity of proposition, areas where many women founders have excelled. The ability to build trust and long-term relationships with consumers becomes a distinct competitive advantage.

As the ecosystem matures, we have begun seeing similar momentum extend into fintech, SaaS, health tech, and deep tech as well. D2C may have been an early gateway, but leadership is not limited to just one sector.

Almost every woman, at some point in her life, has experienced casual discrimination in subtle ways. It may come through dismissive gestures, being labelled as “too loud,” being interrupted or spoken over. These instances are often normalized or brushed off as minor, but over time they hinder confidence, reduce participation, and divert opportunities. 

It is 2026, and fewer than 5% of VC partners in India are women. It is still an old boys' club and network, but that is something that we are changing every passing year. The goal is not to make it a single-gender dominant ecosystem but rather an inclusive forum that enables overall growth. We have to effectively break out of this conditioning with a top-down approach. Here, accountability plays an equally important role, especially among those in decision-making positions. Leadership sets the tone. When leaders actively foster inclusive, welcoming 

environments, it shows that performance and contribution matter more than bias or stereotypes. Also, casual discrimination is not just limited to offices, it's very visible in everyday settings as well. 

Women should never feel the need to constantly adjust, shrink, or fit into predefined molds. Cultural change cannot rest on one group alone, it requires collaborative effort, consistent action, and a welcoming environment where everyone can contribute fully and confidently. 

Unfortunately, the premise of gender bias is so deeply rooted in our society that it takes consistent efforts and endeavours of restructuring to combat this issue. For some, International Women’s Day is a surface level celebration, but for many it commemorates how far the movement has progressed. The day helps in furthering awareness, spotlighting real experiences, and extending forums that shape dialogues that might otherwise not happen. 

This effort and the sense behind celebrating International Women’s Day are aiding and pillaring this shift. There is more awareness today that is layered with stronger intent. Women are increasingly stepping confidently into leadership roles. The key is to keep that energy going, not just annually, but every single day. But the real impact comes if inclusion becomes part of our everyday behaviour, in how we speak to each other, how we divide responsibilities at home, how we give credit at work, and how we create opportunities. Respect and fairness shouldn’t feel like special efforts reserved for one day; they should be natural and consistent. 

India is inching towards becoming a global superpower and would require support from across the country. Singling out women owing to societal biases reduces this effort significantly. Today, Indian female workforce participation hovers around 35% with studies also indicating that improving gender balance in the workplace could drive a 27% increase in India’s GDP. 

A similar challenge is also being observed in the Indian start-up ecosystem. Women-led startups, which are often at the forefront of inclusive innovation in fintech, health tech, and social impact, receive just 1-2% of VC funding due to sub-conscious biases in pitch rooms. Biases, unfortunately, are still shaping investment decisions and limiting access to capital allocation for women entrepreneurs. 

Yet the solution lies in bold, structural changes like better childcare, safe transport, equal pay enforcement, and bias-aware investing. Empowering women isn't charity; it's smart economics. If India unleashes this half of its talent pool, we'll accelerate toward a truly inclusive, high-growth future.

To aspiring women entrepreneurs struggling to secure funding, my first advice would be not to take rejection too personally. Fundraising is difficult for almost every founder, and it is rarely a reflection of your capability and depends on multiple factors. Founders should focus on sharpening clarity of thought, knowing your numbers, understanding your market deeply, and being clear about why your business deserves to exist and scale. Preparation builds confidence, and confidence changes how rooms respond. 

Second, work towards building strong networks early. Relationships matter in fundraising. Surround yourself with mentors, operators, and fellow founders who can open doors, give honest feedback, and help refine your pitch. Capital often follows credibility and consistency. 

Third, don’t hesitate to think big. Many women founders tend to under-ask. If the opportunity is large, dream it boldly. Investors back conviction as much as they back metrics. Understand the kind of scaling goals you have and understand the kind of growth and scaling opportunities and mentorship that the VCs offer. 

Looking at the current VC ecosystem in India, we definitely need more women representation in the segment as they play an important role, especially in correcting early imbalances and creating access. They provide confidence and signal intent to the market. The ambition isn’t to build a separate track, but to ensure that the ecosystem is truly inclusive and it has ample representation of women VCs in every room.