Event Recap: Capital in Chaos: Gagan Ajmani and WOWS Global on Raising When Markets Turn Selective

Capital in Chaos: How Founders & Investors Navigate Uncertain Markets brought Bangkok’s startup community together for a timely discussion on what it takes to raise capital when markets are uncertain. Held on 7 May 2026 at The Great Room, Gaysorn Tower in Bangkok, the event gathered founders, investors, operators, and ecosystem builders to unpack how investor expectations are changing across different stages of company growth.

The session was organized in collaboration with Bangkok Startup Association, with Gagan Ajmani, CEO of WOWS Global and former CFO of Deliveree, joining as a speaker alongside Abhi Agarwal, CEO of Living Roots. The conversation was moderated by Alex Avanth, an advisor, investor, coach, and General Partner at MoreFutures South East Asia. 

Fundraising has changed, but capital has not disappeared

The event’s core premise was simple: the old fundraising playbook no longer works the same way.

Founders are now building in a market shaped by geopolitical tension, rising interest rates, tighter capital markets, and more selective investors. Some investors are pulling back, while others continue to deploy capital but with higher expectations around proof, discipline, and resilience. 

Gagan’s lens: the two Ts investors look for

Drawing from his experience as CEO of WOWS Global and former CFO of Deliveree, Gagan emphasized that founders need to understand how investors evaluate risk before entering fundraising conversations.

One useful lens is what he described as the importance of the two Ts: traction or track record.

For companies with measurable traction, investors want to see evidence that the business is working. That can include customer growth, revenue, retention, margins, repeat usage, or other proof points that show the company is moving beyond assumptions.

For earlier-stage companies where data is still limited, the founder’s track record becomes even more important. Investors look at whether the team has the experience, insight, credibility, and execution ability to navigate uncertainty before the numbers are fully proven.

This matters because not every company will be assessed in the same way. A first-time founder raising at MVP stage will face different questions from a later-stage company preparing for Series A and beyond. What stays consistent is the need to reduce perceived risk.

Is your company suited for VC-scale growth?

Another key point from Gagan’s perspective was that founders should be honest about whether their company is built for the scale expected by venture capital.

VC funding can be powerful, but it also comes with expectations: large markets, rapid growth, meaningful upside, and the ability to return a fund-level outcome. Not every strong business fits that model, and that is not a failure.

For some founders, alternative sources of funding may be more suitable. Depending on the business model, stage, and capital needs, this could include revenue-based financing, debt, strategic partnerships, grants, customer-funded growth, or other non-dilutive and less-dilutive options.

The key is alignment. Founders should not raise VC simply because it is the most visible path. They should understand what kind of capital best fits the company they are building.

What founders should prepare before raising

The discussion also reinforced the practical work founders need to do before speaking with investors.

A strong pitch is only one part of the process. Founders need clean numbers, clear assumptions, a realistic use of funds, and a sharp understanding of what milestones the next round of capital is meant to unlock.

They also need to be ready for diligence. Investor interest can fade quickly when financials are unclear, cap tables are messy, projections feel unrealistic, or the founder cannot explain the business model with confidence.

In uncertain markets, preparation becomes a competitive edge. The companies that stand out are the ones that can give investors clarity quickly.

WOWS Take: Our role in founder readiness

For WOWS Global, the conversation connects directly to its work with founders across Southeast Asia.

As capital becomes more selective, founders need more than access to investors. They need the right materials, financial clarity, fundraising strategy, and understanding of how investors evaluate opportunities at each stage.

WOWS Global supports founders in strengthening that readiness, from refining pitch materials and financial models to helping teams better understand what investors need to believe before committing capital.

Capital in Chaos is not that fundraising has become impossible. It is that fundraising has become more disciplined.

Founders who understand their numbers, know their capital options, and can clearly show either traction or track record will be better positioned to navigate a selective market.

For WOWS Global, that is where the opportunity lies: helping founders build the clarity, structure, and confidence needed to raise the right kind of capital for the company they are actually building.