<p>Venture capitalists (VCs) have long been recognized for their role in the growth and success of early-stage ventures. Beyond providing funding, VCs are known for offering value-added services such as strategic advice, mentorship, access to networks, and support in professionalizing business operations. However, with the evolving start-up landscape, particularly in India, questions have begun to emerge on whether entrepreneurs continue to value these non-financial contributions from VCs as they once did. This study investigates how digital entrepreneurs in India perceive the non-financial contributions of venture capitalists (VCs) and whether such perceptions enhance competitiveness. Drawing on the Resource-Based View, Procedural Justice Theory, and Competitiveness Assets–Processes–Performance (APP) framework, the paper examines whether VC involvement strengthens start-ups’ intangible assets, strategic processes, and performance outcomes. Using survey data from digital start-ups founded between 2012 and 2022, we assess entrepreneurs’ perceptions of VC value-add in areas such as mentoring, strategic advice, reputation building, and network access. Findings indicate that entrepreneurs generally regard VC involvement as beneficial, particularly when investors foster procedurally just relationships and contribute to reducing critical resource dependencies. Interestingly, even experienced founders valued VC contributions in dynamic markets, though ventures embedded in accelerators exhibited lower reliance on VC value-add. Moreover, positive perceptions of VC support were associated with a higher likelihood of raising subsequent funding rounds, underscoring competitiveness gains. The study contributes by shifting attention from how VCs evaluate firms to how entrepreneurs interpret VC involvement, offering insights into emerging market contexts. Implications for VCs and entrepreneurs highlight the importance of relationship quality and strategic alignment in sustaining competitive advantage.</p>