Funding Alone Won’t Help: Why Indian Startups Must Nail Execution

“It’s not the idea that matters; it’s the execution that does.” This one line from Dr. Vishal Gandhi, Founder and CEO of BIORx Ventures, might sum up what many Indian startups often overlook in their pursuit of funding. In a freewheeling and insight-packed conversation with TICE, Dr. Gandhi laid bare the mindset of early-stage investors, the gaps in India’s deep tech ecosystem, and the evolving face of healthcare innovation.

With a portfolio of over 40 startups and deep roots in biotech and healthcare, BIORx Ventures is among the few players in India backing truly disruptive technologies—and founders who can scale them.

What Do Investors Really Look for in Early-Stage Startups?

According to Dr. Gandhi, early-stage investing is a “very, very different ball game” compared to investing in mature startups.

“When we look at a startup, we first focus on the founder’s passion, domain expertise, and the size of the market opportunity,” he explains. “But more importantly, we try to assess whether the founder knows how to scale—and if they can give us that confidence within the first 2-3 minutes of conversation.”

What follows is a deep dive, but not in the way many founders assume. While financial, legal, and sectoral due diligence are part of the process, commercial due diligence takes center stage at BIORx.

“Many startups that come to us are pre-revenue. So traditional financial analysis doesn’t help. What we really focus on is whether the founder can build and grow a sustainable business.”

Healthcare Innovation: AI, Robotics, and the New Frontier

BIORx Ventures has positioned itself strongly in the healthcare and biotech space, identifying not just good ideas—but scalable, transformative innovations.

Dr. Gandhi revealed two major upcoming investments: one in AI-driven primary healthcare screening, and another in robotic surgeries for gastrointestinal treatments.

“AI in healthcare is enabling early detection, especially in rural areas where access is limited. One of our venture-built companies is solving this exact problem, and we’ve just closed a ₹2 crore round,” he shared.

“Robotic surgery is another area we’re betting big on. With domain-specific surgical robots, we can empower even junior surgeons to deliver precision care. This is going to redefine surgical healthcare in India.”

He also hinted at the growing relevance of genomics, biotech, and precision therapeutics.

“We believe genomics and metabolomics will play a key role in future healthcare models. Precision healthcare is no longer a luxury—it’s the next logical step,” he said.

Deep Tech: High Risk, High Impact

Despite the global push, deep tech still accounts for just 2% of India’s total VC investments.

“There are maybe 20-30 funds focused on deep tech, out of 1,000 in the country,” said Dr. Gandhi. “Deep tech is tough—it comes with many uncertainties. Out of 100 deep tech investments, maybe one or two make it big. But when they do, the impact is massive.”

He praised government efforts like BIRAC, SIDBI’s Fund of Funds, and emerging policy support—but emphasized that India needs more patient capital for deep tech to flourish.

“If we want to be Aatmanirbhar and shift from being a service nation to a product nation, this is the time. Deep tech has finally found its moment in India.”

Beyond Cheques: How BIORx Builds Startups, Not Just Funds Them

What sets BIORx apart from many VC firms is their venture-building approach. They don’t just invest; they co-create.

“Sometimes, a founder comes to us with a good idea but lacks a key co-founder or a strategic funder. We don’t just point out the gap—we help them fill it,” said Dr. Gandhi.

BIORx also plays matchmaker—helping founders find not just funding, but the right funders. Their focus on governance, co-investment partnerships, and scale-readiness makes them a trusted name among family offices and institutions alike.

Advice to Founders: “Regulation Can Make or Break You”

Startups, especially in biotech and healthcare, must factor in regulatory strategy from day one, Dr. Gandhi warned.

“If you use investor money to develop a product without understanding regulatory requirements, you’re setting yourself up for a dead-end,” he cautioned.

“You can’t build to TRL-6 and then think about regulations. That reactive mindset kills both value and timelines.”

His advice: think long-term, plan for every roadblock, and execute with precision. Because investors like BIORx aren’t just backing your idea—they’re backing your ability to turn that idea into a real, scalable business.

Want to Reach Out to BIORx Ventures?

Dr. Gandhi welcomes startup founders to connect with him directly.

“The best way to reach me is via LinkedIn—just search ‘Dr. Vishal Gandhi BIORx’ and you’ll find me. I’m always happy to mentor or guide startups. Money is just one part—mentorship is what truly drives impact.”

And with that, he signs off with a mantra that every founder should etch into their journey:

“Don’t try to do everything alone. Be open to the ecosystem. Because only when you execute well, you unlock value—for yourself and for everyone else.”