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South Park Commons , a Silicon Valley collective of engine driver , founders , and research worker , is raise an India - specific fund over six month after entering the South Asian market in June , accord to afiling with the U.S. Securities and Exchange Commission ( SEC)last week . The exact size of the fund is yet to be determined , though the list sets the aim at $ 40 million .
found by Facebook ’s first female applied scientist , Ruchi Sanghvi , in 2016 , South Park Commonsentered Indialast twelvemonth by partnering with Flipkart carbon monoxide - father Binny Bansal . The India chapter , based in Bengaluru , was thefirst global moveof the platform that raise three funds to back other - leg startups in the U.S.
In 2018 , Sanghvi was link up by her husband and business partner , Aditya Agarwal , who previously worked at Dropbox as its VP of technology .
Unlike traditional VC funds and brooder like Y Combinator , South Park Commons looks for technologist who have strong ideas but may not be quick to fundraise yet — the “ -1 to 0 ” stage , as thecompany allege in its FAQ . The collective runs two unlike programme : Community Membership for entrepreneur who are not look to raise cap , and Founder Fellowship to back founders with full backing of $ 1 million ( $ 400,000 investment upon connect the programme and an additional $ 600,000 commitment for the next venture around ) .
South Park Commons has around 175 active phallus and over 800 alumni , perits website . Around 80 % are founders , while the rest are domain experts and researchers .
In September , the grouphiredAngel One executive director and CBO Prateek Mehta as its found pardner for the India outpost .
India has been a challenging grocery store for startups overall . The country , nursing home toover 149,000 startups , per the government data , hasonly 117 unicorns — the startups with at least a $ 1 billion valuation . It convinced orbicular VC funds , includingAccel , General Catalyst , andLightspeed , to continue to be bullish on the Native American ecosystem , while others likeSoftBankandTiger Globalhave come up it challenging . Y Combinator alsoselectedjust four startups from India across its winter and summer batches in 2024 , down from 8 in 2023 and 47 in 2022 .
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Sanghvi and Agarwal did not at once respond to a request for comment .
