Many crypto startups in India are facing challenges in securing venture capital funding due to their high valuations compared to revenues. Dan Tapeiro, CEO of 10T Holdings, a crypto-focused venture capital firm, highlighted this issue during a panel discussion at the Consensus conference in Toronto. Tapeiro mentioned that founders and CEOs seeking 50 to 80 times revenue in capital raises are making it difficult for firms like 10T Holdings to generate returns for their investors. As a result, 10T Holdings has passed on over 200 companies, including well-known names like FTX, BlockFi, and Celsius, due to unreasonable valuations. The firm typically looks for projects with valuations around $400 to $500 million and a valuation-to-revenue ratio of 10x or less. While some startups may be pricing themselves out of traditional VC funding, PitchBook reported a significant increase in the total value of crypto venture capital deals in Q1 2025, indicating continued interest from investors. Pantera Capital CEO Dan Morehead suggested that VCs should consider a mix of private equity and tokens when investing in crypto projects to balance risk and rewards. Pantera Capital has had success with this strategy, seeing returns on 86% of its investments, with 22 reaching unicorn status. As the crypto market continues to evolve, finding the right balance between valuation and investment strategy will be crucial for startups looking to attract funding in India’s competitive landscape.