India, Jan. 19 -- Most first-time founders walk into a pitch believing they are selling a story. In reality, fundraising is not theatre. It is a test of alignment between the ambition of the business, the risk profile of venture capital, and the founder's understanding of what they are building.

When this alignment is missing, the consequences are tangible. Founders raise the wrong kind of capital, at the wrong time, often from investors who may or may not understand their business fully, with expectations they cannot realistically meet.

Then follow-on rounds stall and companies that could have been durable struggle under pressure they were never designed to absorb.

This question of alignment sits at the core of Lumikai Pixels Blueprin...