Mayukh Datta

Venture capital has always felt like an unpredictable yet fascinating realm of the business world to me. It's full of people who think differently; founders solving real problems in ways most wouldn't even imagine, and investors backing them with conviction, not just capital.

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After over 12 years at law firms working closely with funds, startups, and high-growth companies, I found myself drawn from the periphery to the pulse of the ecosystem. That long legal runway gave me a solid foundation in structuring complex deals, navigating uncertainty, and helping clients think through regulatory challenges.

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Z47 stood out because of how it's built - one of the few truly founder-first, operator-led funds in the country. Joining Z47 felt like the natural next chapter: bringing my experience across transactions, exits, and regulatory strategy to help back bold ideas and build enduring companies.

The most important legal decisions for early-stage startups are quiet calls made early that help the company' s journey become a lot smoother.

• Early governance structures matter most: Frameworks for rights, responsibilities, and decision-making don't just shape the cap table; they influence how teams function, how investors engage, and how decisions are made under pressure. It's about clarity, not control.
  
  
• Equity design is crucial: Your ESOP policies say everything about your team and organisation’s culture. When people believe they're genuinely part of the upside, they show up differently.
  
  
• Don't skip corporate governance: It is often deprioritized, but regular discussions, clear roles are hygiene; they build muscle and trust both inside and outside the company.
  
  
• Other fundamentals to get right early: Strong IP protection when your tech or brand is core to what you're building, and international legal structure if you're planning overseas expansion.

The goal is to reduce friction over time by building foundations that scale.

India's startup legal landscape has transformed dramatically over the past decade. What was once largely informal has matured into a well-oiled ecosystem.

• The regulatory environment is more startup-friendly: Since Startup India launched in 2016, we've seen positive shifts in foreign investment rules, simplified incorporation, and broader ease-of-doing-business reforms.
  
  
• Founders are more aware: They're far more informed and market-aware, often coming to the table with sharper views and pushing thoughtfully on key terms.
  
  
• Sector-specific complexity is emerging: Fintech, edtech, and health-tech now demand specialized frameworks around licensing and compliance. 

Legal should enable, not block. Founders need to take informed, calculated risks that let them move fast without losing sight of what matters.

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Focus on fundamentals like clean ownership, ESOPs, IP, and data hygiene. These are painful to fix later. Build legal foundations that scale. When the core framework is sound, it grows with the company without constant reinvention at every funding round. 

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Good legal gives founders confidence to move forward, not reasons to hold back.

My role in legal gives me distance from day-to-day investment decisions, so I often bring fresh perspective and ask questions others might miss. Sometimes that sparks new insights, sometimes it gives the team more confidence in their bet.

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With portfolio companies, my work starts with legal but rarely ends there. Legal questions often open up broader conversations about structuring, governance, team dynamics, or navigating tough situations. I’d like to be the go-to for the things that matter but don't have an obvious home with the investment team. We see founders as partners, not just portfolio companies.

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I also build ecosystem support: connecting founders with experts, crafting regulatory strategy, supporting international expansion. My role isn't telling founders what to do; it's helping them make confident, well-informed decisions.