Sanjay Pathak was astonished by the venture capitalist’s ask. A founder of the New Delhi-based dental-aligner manufacturing upstart 32 Watts, Pathak did not expect an early-stage tech VC to ask for the liability of a guaranteed return — capital plus a 25% annual return on their investment at the end of four years — to extend to founders’ personal assets. “This was unheard of,” he says: “Whatever asset the company has got you can pledge up to