An interesting piece of analysis:
The FRACTL study shows that money isn’t really the issue. In fact, the findings show that funded ventures (including those that raised $10 million USD or more) are more likely to run out of cash than bootstrapped ones. Why is that so? Because you are more likely to risk building something that nobody wants when you have the money to actually build it.
Renowned venture capitalist Vinod Khosla famously argued that “people who raise more money reduce their probability of success”. [source]
I am clearly seeing this happening in Indian startup ecosystem.