I'm a tech founder who has raised money from VCs in India. For some reason, I feel like I know the 'syndicate' you're talking about. If you're okay sharing, are they Mumbai-based?

After running my co. for over half a decade, I wouldn't touch these investors with a 10-ft pole. "Helping you raise" does not justify the additional equity being sought.

If your friend isn't in dire need of money, I'd recommend avoiding being invested in by these investors and instead, only going after Tier-1 VC firms.

All in all, this is really bad for the ecosystem.