Kwench Library Solutions (Kwench), a Mumbai-based start-up that offered library services to corporate clients, looked anxiously for angel funding to establish itself and expand to other parts of the country. The time - the first few months of the 2008-09 global recession - was particularly bad. The angel investors who came forward valued the start-up at one third of what the promoters had confidently expected. Their valuation was unacceptable, but spurning their offer was fraught with additional risks. The promoters, who had given up high-paying corporate jobs and invested heavily in the start-up, had to find a way out.