Terex Ventures is a business advisory firm dedicated to making startups not just pitch-ready but truly investment-ready. It offers end-to-end support—from building strategy and investor connections to enabling cross-border expansion.
In this exclusive India Business & Trade interview, Founder Priyanka Madnani shares how Terex is bridging the gap between startups and investors, particularly through the India-UAE-Japan corridor. She discusses changing investor expectations, rising interest in sectors like AI, GreenTech, and HealthTech, and the urgent need for stronger R&D investment in India—alongside her top fundraising tips for 2025.
IBT: What made you start Terex Ventures, and what gap are you trying to solve for founders? Also, how does your sector-specific pitch approach help startups stand out—especially when generic, one-size-fits-all decks no longer work with investors?
Priyanka Madnani: I started this journey over a decade ago with the aim of helping founders become pitch-ready. It began back in 2016, and at the time, creating a pitch seemed straightforward. But as we worked with more startups, we realized it wasn’t just about guiding them through pitch decks or valuations — what they really needed was end-to-end support for fundraising.
That’s where Terex Ventures was born. We didn’t just want to help founders become pitch-ready; we wanted to make them investment-ready. From crafting their decks to closing the fundraising round with the right investors, we support the entire journey.
Earlier, we operated as a service company focused on documentation, but that limited our ability to truly drive fundraising outcomes. So, two years ago, we rebranded as Terex Ventures, evolving into a business advisory firm. Today, we support every venture with tailored fundraising and strategic investment services.
Priyanka Madnani: About three years ago, I felt the need to explore opportunities beyond India — to understand how trade and business services operate globally. That curiosity led me to the UAE, particularly Dubai, and the broader MENA region. I quickly recognized it as a global commercial hub — a launchpad from where businesses can easily access markets not just in India, but also in Africa, China, Japan, the US, and beyond.
What makes the UAE so strategic is the ease of doing business — minimal taxes, supportive government policies, and incentives for setting up manufacturing plants. It’s one of the best regions today for facilitating global trade.
At Terex Ventures, we experienced these advantages firsthand when we set up our B2B headquarters in Dubai. After spending a year understanding the regulatory landscape and market dynamics, we added a new vertical to Terex: supporting Indian startups in their global expansion. Today, every fundraising effort we lead comes with a growth mindset — and what better way to grow than by expanding into an established international market?
That’s why we help our portfolio companies explore and set up operations in the UAE. But we didn’t stop there. We’ve also built a strong corridor for Japanese investors. While Japanese funding in India is still limited, they bring immense technological strength. On the other hand, Indian startups — especially in AI — are now developing cutting-edge solutions that are globally competitive. We’ve created a platform to bridge this gap, facilitating cross-border collaboration and investment between Indian innovation and Japanese technology ecosystems.
Priyanka Madnani: Early-stage investors no longer rely solely on ideas. Earlier, it was all about having an innovative concept — if you were targeting a niche market, that alone could excite investors and generate hype. But the landscape has changed. Industries are now so overcrowded that investors are looking beyond the idea; they want real numbers and solid execution.
Today, it’s all about the how — how well you’re executing, what your go-to-market strategy is, and whether there’s traction to show. Unless the idea is truly groundbreaking — say, a patented product or an untapped niche with high entry barriers — it’s no longer enough to raise capital based on concept alone.
That said, there are stages of investors. Angel investors may still support idea-stage startups. But when it comes to venture capital funds, the focus has clearly shifted. For them, it’s execution, strategy, and scalability that matter most.
Priyanka Madnani: Every year around the close of the international financial cycle — especially during accounting season — we start seeing a noticeable decline in investor sentiment. This decline is often triggered by increasing instances of financial irregularities and even fraud.
Initially, investors come in with expectations of profitability within 2–3 years, based on promising projections and a sustainable growth model. But what’s actually happening is quite the opposite — many founders are burning through capital at an unsustainable pace. Instead of adopting a lean approach, they’re overspending on customer acquisition without building a foundation for profitability.
This is a major reason behind the current investment slowdown. Investors today are far more cautious and calculated. They’re not willing to put money into startups that are cash-burning machines without a clear path to returns. Instead, they’re prioritizing ventures that focus on innovation and show financial discipline.
Another key concern is the lack of tangible output from R&D investments. While many founders raise funds claiming it’s for research and development, very few deliver on those promises. This weakens investor confidence even further.
So when I look at the decline in funding compared to last year, a lot of it comes down to due diligence gaps. Investors are discovering poor financial hygiene, questionable execution metrics, or simply unsustainable burn rates.
It’s important to remember that investors want to invest. Whether it’s through startups, mutual funds, or their investment mandates, they aim for a minimum annual return of around 15%. But when that return is threatened by high risk and low transparency, their enthusiasm for the startup ecosystem understandably diminishes.
Priyanka Madnani: Initially, pitch decks were created purely from a founder’s perspective — reflecting their mindset, their ideas, and their vision. But most founders back then didn’t fully understand what investors were actually looking for when reviewing decks and financials.
Today, that dynamic has completely shifted. Founders now need to craft their pitch from an investor’s point of view. It’s no longer just about having a great idea; it’s about how effectively you can narrate your story — aligning your journey with your projections and backing it all up with solid numbers.
For instance, if you’re projecting that your company will reach a certain milestone in two years, your business model, financial plan, and expansion strategy must justify and support those numbers. Everything needs to align — the story, the execution, and the data.
Over the past decade, this evolution has been clear. What once centered around ideas has now become a data-driven narrative — where a compelling story must be matched with realistic, credible numbers and a clear path to growth.
Priyanka Madnani: I wouldn’t say there are just a few red flags — there are many, especially when it comes to early-stage startups. One of the biggest is sustainability. Founders often get excited by being in a trending or high-growth space, and while initial market validation can help predict potential, it’s the strategy that ultimately makes or breaks the venture.
A major red flag is when founders approach investment with a mindset of burning capital rather than multiplying it. They assume that spending heavily in the first year — for example, locking in leases or pumping funds into marketing — will guarantee results over the next two years. But that rarely works in reality. I recently spoke to a founder who said, “I just need ₹2 crores for marketing, and I’ll multiply it 4x in two years.” Without real-time numbers or solid proof of concept, such assumptions are risky and unfounded.
Profitability and break-even timelines are other key concerns. Many founders can’t clearly articulate when or how they’ll achieve profitability, and that uncertainty is a red flag for investors.
Another major issue is premature execution without proper validation. We’re seeing several startups in India launch quickly and shut down within 6–7 months. Why? Because they believe early-stage traction is enough validation, and they begin scaling too soon. They start spending heavily from day one, and when the expected returns don’t materialize, they’re left with nothing to sustain operations or pivot.
To put it simply: validate your idea thoroughly, build a lean strategy, and plan investments with a multiplier mindset — not a burn mindset. Ignoring these fundamentals is what leads to failure, and these are the red flags investors watch out for the most.
Priyanka Madnani: When I sit at the table with investors and discuss where their interests lie, a few key verticals consistently stand out. Artificial Intelligence (AI) is undoubtedly at the top of that list — especially with the corridor we’ve opened with Japanese investors, whose primary ask is around AI innovation. Deep tech, AI, and IoT are not only national priorities but also gaining momentum globally.
Next in line are AgriTech, GreenTech, and ClimateTech. Being based out of Dubai, we’ve seen firsthand the government’s strong push to fund GreenTech and sustainable manufacturing. There’s growing demand for solutions in clean energy and environmental impact. Unfortunately, many Indian founders still underestimate the urgency — but by 2026, carbon emissions will become a global flashpoint, and the demand for climate-focused innovation will be immense.
AgriTech continues to gain traction, especially with sustainability and food security becoming critical global concerns. HealthTech is another hot sector, particularly post-pandemic, and we’re also noticing rising investor interest in elder care solutions — a vertical that’s quietly picking up steam.
Interestingly, there’s also a surge in last-mile demand for D2C (Direct-to-Consumer) startups. Investors are actively seeking strong consumer-facing brands with scalable models. In fact, we’ve recently had specific mandates from investors looking exclusively to fund D2C ventures.
So while AI and deep tech dominate the conversation, sectors like ClimateTech, elder care, and D2C are also very much on the radar — some more quietly, but all showing strong growth potential.
Priyanka Madnani: Yes, the biggest gap in our country is the lack of investment in R&D (Research and Development).
As I mentioned earlier, investors are hesitant to fund R&D because of the perceived high risk — and rightly so, considering the number of cases where funds have been misused. But if you look at countries like China and Japan, the mindset is very different. Despite the risks, they invest heavily in R&D with a long-term vision. Their approach is simple: invest today, and in five years, you’ll have innovation ready to compete on a global scale.
Unfortunately, only a small fraction of investors in India have that level of vision. Most shy away from long-term bets, which is why the innovation gap between countries like India and China or Japan is still significant. China and Japan have poured billions into R&D and in return, have given cutting-edge technologies and patented innovations to the world.
India, on the other hand, is definitely progressing. The government is actively investing in R&D for the country’s future growth and development. But private investors also need to step up. They need to fund entrepreneurs, researchers, and innovators who are working on breakthrough ideas. Without that support, we can’t create original IP or patents — and that’s one of the reasons we still lag in global innovation rankings.
If we want innovations to originate from India — not just be adopted or imported — we must close this R&D funding gap. It’s not just a policy issue; it’s a mindset shift that’s urgently needed in the private investment space.
Priyanka Madnani: I always share these three essential tips with founders when it comes to fundraising — and they’re absolutely critical to keep in mind:
You must be able to confidently answer any question an investor asks about your business metrics — whether it’s your projections, execution timeline, revenue model, or cost structure. These numbers should be at the tip of your tongue. And if numbers aren’t your strong suit, make sure someone on your team who is confident with the data is front and center during the conversation. Investors can quickly tell when you’re not in control of your financials — and that’s an immediate red flag.
Founders need to communicate with conviction. You should be crystal clear about your execution plan, your roadmap, and your vision for the future. When an investor sees that you are confident and know exactly where you’re headed, it builds trust. They think, “If the founder believes in the journey and has a clear path, my money is in safe hands.” Confidence and clarity go hand in hand.
From the moment you start your business, design it for global scalability. Whether it’s your product, service, or business model — aim to expand beyond borders within a couple of years. The world is rapidly becoming more interconnected, and commercial trade is increasingly global. India is already on this path — take the defense sector as an example: we once developed missiles for national security, and now, over 16 countries are looking to buy them from India. That’s the power of innovation with global intent. Founders should apply the same mindset — build something the world will want.
These are my three non-negotiable tips for any founder preparing to raise funds: know your numbers, communicate with confidence, and think global from the start.
Priyanka Madnani, Founder of Terex Ventures — A dynamic force in India’s startup ecosystem and a leading voice in pitch strategy and fundraising. Through Terex Ventures, headquartered in Dubai, Priyanka is bridging the critical gap between startups and the right investors, enabling founders to scale both financially and globally. Prior to this, she empowered over 10,000 startups through her venture Easy To Pitch, backed by Venture Catalysts. A recognized startup advisor and mentor at premier institutions like IITs, IIMs, and DU, Priyanka has also published a book titled “Idea to Market”. Her insights have been featured in over 30 publications, including YourStory, ET Times, and Josh Talks. An alumna of IIT Delhi and IIM Bangalore’s entrepreneurship programs, she’s also a Mentor of Change with NITI Aayog. Priyanka continues to shape India’s innovation landscape—one validated idea and investor-ready founder at a time.
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