How to Crack the IC (Investment Committee)

Playbook for early-stage founders to prepare for the Investment Committee at a VC fund

Namaste Dear Reader,

In my four years as a VC, I've had a front-row seat at over 20 Investment Committee (IC) meetings. For the uninitiated, the IC is usually the 'final round' before landing a term sheet. I've watched founders deliver stellar pitches that converted a room of skeptics, and occasionally, seen some founders simply bomb, where everyone in the room knows that this is a clear pass.

The IC process and eventual outcome often seems shrouded in mystery, hence I thought I'd share insights to help you navigate this crucial last hurdle. Here's my playbook on cracking your IC meeting.

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Prelude – How to Prepare Like a Pro

1 . Leverage Your Champion

If you've made it to the IC stage, congratulations! Someone in the fund is already batting fiercely for you—your internal champion. Treat this individual as your personal Hanuman—your secret weapon who knows every corner of the Lanka that awaits.

Reach out and get tactical:

• What's the meeting format—a conversational session or a structured pitch?

• Who's attending—partners only or external veterans?

• Are there any specific concerns or recurring themes that crop up?

Trust me, this champion wants you to succeed (after all, your win is theirs too). Use them wisely.

You will be surprised at the level of detail that the champion will go to – remember the person has worked on your deal for a while and wants to push this through!

2. Understand the IC Members

Investment committees often feel like the judging panel from Indian Idol—each member with a distinct personality and priority. Do your homework:

• Scan LinkedIn profiles and recent talks they've given.

• Know who's the ex-consultant obsessed with the problem at hand and who’s the visionary on the committee who's interested in the future.

• Be ready for the external member, usually a seasoned entrepreneur who'll test your execution grit.

Tailoring your responses to their sweet spots makes your pitch resonate stronger.

3. Have a Tight, Focused Deck

Even the friendliest ICs appreciate a neat, structured deck. This is your chance to set the narrative. Skip lengthy TAM slides (no one needs an exhaustive EY market report). Instead:

• Crisp problem statement

• Clear and concise solution

• Practical unit economics

• Traction highlights

• Use-of-funds clarity

While some ICs will like to keep things conversational, the majority of them will prefer something on the screen. Use this to your advantage – You can decide what to get the IC anchored. Again ask your champion what are the key selling points in your deck.

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The IC Meeting – Showtime!

1. Own Your Introduction

Don’t jump straight into the deck. Start human. Remember, the IC wants to understand you beyond your CV.

Three authentic ways I've seen founders instantly engage the room:

• Personal Story: "My father runs a Kirana store in Jaipur. Watching his daily struggles with cash flow inspired me to build this fintech solution."

• Lived Experience: "In my previous job at Swiggy, managing thousands of delivery partners, I saw firsthand the logistics chaos we're solving today."

• Deep Domain: "After 10 years in India's healthcare industry, I realized that digital patient records could revolutionize the entire sector."

Be authentic, relatable, and confident. Investors bet on people first.

2. Clearly Define Your Initial Problem (The Wedge)

Don't overwhelm the IC with sweeping visions upfront. Start small and sharp:

• Define clearly the single, pressing issue your startup solves first.

• Highlight why this immediate problem is painful enough for customers to pay right now.

• Once hooked, unfold your broader vision.

Remember: Zomato started by just digitizing restaurant menus; Paytm began with mobile recharges. Every giant company solved one core problem first—do the same.

3. Simplify, Don’t Impress with Complexity

I've seen technical jargon sink promising pitches faster than Mumbai rains stall traffic.

Keep it simple:

• Replace complicated tech-speak with everyday analogies ("We’re the Zerodha for crypto").

• Your IC won’t know your business as deeply as you. Your job is clarity, not complexity.

• If an investor can’t understand your solution in 10 minutes, it's your fault, not theirs.

Simplicity shows clarity of thought—an essential founder trait.

You have 60-90 minutes to make the IC understand your business, build conviction, and say yes – don’t make the job harder for them.

4. Showcase Traction, Not Vanity Metrics

Focus on metrics that prove genuine momentum:

• Customer retention (repeat usage)

• Revenue growth (real rupees hitting the bank)

• Improving unit economics (margins getting better)

Avoid vanity stats like app downloads, likes, or cumulative sign-ups. We see right through it. Real, grounded data earns respect.

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After the IC – The Encore

1. Follow-up with Your Champion

After the meeting, call your champion. They'll have valuable intel:

• How did the IC members react?

• Any lingering doubts?

• Immediate next steps?

Send a quick email summarizing key points discussed and any follow-up clarifications within the next 24 hours. Speed and responsiveness impress.

2. Stay Grounded

Avoid premature victory laps on WhatsApp groups or LinkedIn. Deals can still fall apart post-IC if diligence uncovers skeletons in your closet. Be patient, factual, and professional.

3. Prep for Diligence

The IC approval triggers deeper due diligence. Ensure you’re ready:

• Keep customer references ready and primed.

• Tidy up your cap table—no messy "friends and family" equity surprises.

• Ensure legal and financial docs are immaculate.

Cracking the IC isn’t just about getting the yes—it's about clarity, credibility, and connecting authentically.

I hope this playbook helps to turn your IC meeting from stressful grilling to an engaging conversation.

May your next email read, "Welcome aboard, here's your term sheet!"

Happy fundraising!