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South Park Commons is Raising a Whopping $40 Million for an India-Specific Fund
In a bold move, South Park Commons, a Silicon Valley collective of engineers, founders, and researchers, has announced that it is in the process of raising a massive $40 million for an India-specific fund. This comes just six months after the company entered the South Asian market by partnering with Flipkart co-founder Binny Bansal.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the exact size of the fund is yet to be determined, though the listing sets the target at $40 million. This move marks a significant expansion of the company’s presence in India, where it plans to back early-stage startups and support local entrepreneurs.
South Park Commons, founded by Facebook’s first female engineer Ruchi Sanghvi in 2016, has been operating two different programs: Community Membership for entrepreneurs who are not looking to raise capital, and Founder Fellowship to back founders with a total funding of $1 million ($400,000 investment upon joining the program and an additional $600,000 commitment for the next venture round).
Source: techcrunch.com
