Not slowdowns or markdowns, but an exam has India’s VCs sweating

In India’s venture capital (VC) circles—typically defined by fast-paced deal-making and high-stakes decision-making—an unusual sense of nervousness has set in since the turn of the year. Conversations among fund managers have shifted from startup valuations and exit strategies to reading materials and mock tests.

VCs who built their reputations on daring bets and gut instinct are spending evenings revising material they never expected to revisit. Industry WhatsApp and Telegram groups have turned into informal study circles. Even the most seasoned professionals—many with Ivy League degrees and years of investing experience—are feeling the pressure.

The cause? Not a market crash, funding freeze, nor even a major regulatory overhaul, but something far more basic—an exam.