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South Park Commons, a Silicon Valley group of experts, startups, and researchers, is raising a special India fund six months after entering the South Asian market in June, according to registration with the US Securities and Exchange Commission (SEC) last week. The size of the fund has yet to be announced, although the listing puts the target at $40 million.
It was founded by the first engineer of Facebook, Ruchi Sanghvi, in 2016, South Park Commons. entered India last year in partnership with Flipkart co-founder Binny Bansal. The Indian chapter, based in Bengaluru, was the first international move of the platform that raised three rounds of funding to support its initial US startup
In 2018, Sanghvi was joined by her husband and business partner, Aditya Agarwal, who previously worked at Dropbox as its VP of engineering.
Unlike traditional VC funds and incubators such as Y Combinator, South Park Commons looks for technology experts who have strong ideas but who may not be ready to invest yet – the “-1 to 0” segment, as the company says in its FAQ. The group runs two different programs: Community Membership for entrepreneurs who do not want to raise money, and Founder Fellowship to support founders with up to $ 1 million in capital (a total of $ 400,000 after joining the program and an additional commitment of $ 600,000 in the next phase).
South Park Commons has approximately 175 members and over 800 members, on his page. About 80% are startups, while the rest are professionals and researchers.
In September, the group employed Angel One’s CEO is CBO Prateek Mehta as a founding partner of the Indian Air Force.
India has been a tough market for all startups. Country, home over 149,000 startersaccording to government data, it has only 117 units – startups with capital of at least $1 billion. It secured international VC funding including Accel, General Catalystand Electric speed to continue to focus on the natural environment of India, while others prefer it SoftBank and Tiger Global I found it difficult. Y Combinator as well chosen ones Only four starts from India in winter and summer in 2024, down from 8 in 2023 and 47 in 2022.
Sanghvi and Agarwal did not immediately respond to requests for comment.
