seeking in detailed case solution for below$-$ "Just Books," a library chain, experienced initial success through a franchise model, growing from a single store to multiple locations. The founder, Sundar, sought fresh funds for the next growth phase and approached venture capitalists $($VCs$).$ However, most VCs were hesitant to invest in the core business of libraries and memberships alone.

Suggestions from VCs included transforming the library chain into a platform for additional businesses like caf$$s or gift cards. Sundar, attached to the book$-$centric identity, hesitated to diversify. Despite efforts, VCs showed disinterest, citing the library market size as insufficient for their investment criteria.

In contrast, the story of Flipkart, an Indian Unicorn, highlighted the tech$-$focused and investor$-$attractive nature of certain ventures. Just Books, being a non$-$tech, franchise$-$driven model, faced challenges with VC interest. Some VCs advised direct expansion instead of franchising, but Sundar resisted, valuing the active involvement of members and franchisees.

Facing rejections from VCs and pressure from angel investors seeking exits, Sundar decided to explore new growth options. Experimenting with different library formats and services, such as vernacular libraries, corporate libraries, and an in$-$house magazine, did not significantly boost growth. Attempts to expand services beyond libraries, like music studios and holiday bookings, also failed to address the growth problem.

The three years post$-$franchising success were challenging for Sundar and the venture, with a lack of new investors, increasing angel investor pressure, and unsuccessful growth experiments. Sundar contemplated an exit from the business due to these challenges.