Strategic funding decisions and startup success : A multi-method empirical study of venture capital, angel investing, crowdfunding, and incubators in the Indian ecosystem
Chiragkumar B. Rathodcbrathod.2018@gmail.comDepartment of Business ManagementFaculty of Management StudiesSmt. S. B. Patel Institute of Business ManagementSankalchand Patel UniversityVisnagar, Gujarat, 384315, India0009-0007-3564-5887View full profile → , *Sunil PatelCorresponding authorsunil@karnavatiuniversity.edu.inDepartment of MBAUnitedworld Institute of ManagementKarnavati UniversityGandhinagar, Gujarat, 382422, India0000-0002-4669-7005View full profile → , Chirag Rasikbhai Patelcrpspce@gmail.comDepartment of Business ManagementFaculty of Management StudiesSankalchand Patel UniversityVisnagar, Gujarat, 384315, India0000-0003-4788-0749View full profile → , Bhagvan M. Karnavatbhagvan.karnavat@nfsu.ac.inDepartment of Management StudiesSchool of Management StudiesNational Forensic Sciences UniversityDelhi Campus, Rohini, Delhi, 110085, India0009-0005-8041-6464View full profile → , Bhupinder Kumararora.bhupinder@gmail.comDepartment of Business ManagementAmity Global Business SchoolMalad West, Mumbai, Maharashtra, 400064, India0009-0005-1936-2866View full profile →
* Corresponding author · click or hover a name for details
- Received:
- 01 Jun 2026
- Published Online:
- 30 Sep 2026
- Article type:
- Research Article
- Language:
- EN
- Article no.:
- JIOS-2437
- Pages:
- 3405–3414
Abstract
This study examines how venture capital, angel investment, crowdfunding, and incubators influence revenue growth, market expansion, product-market fit, and startup survival in India’s rapidly evolving ecosystem. Using fixed-effects panel, logistic, and Cox regression models, and drawing on agency theory, resource orchestration, and selection-bias perspectives, funding choice is treated as a strategic moderator of venture performance. The study introduces the Funding Orchestration Framework (FOF) to explain interactions and potential synergies among funding sources, while considering GenAI investment, domestic LP participation, and Startup India incentives. The findings support hybrid funding strategies and wider regional funding access to promote sustainable and inclusive startup growth.
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References
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