According to Securities and Exchange Commission (SEC) filings, South Park Commons (SPC), an early-stage venture fund and technical community, is soliciting capital for a fund with an emphasis on India.
The fund’s goal is $40 million, although the exact number has not yet been decided, according to TechCrunch, which broke the story first.
Over six months have passed since SPC’s June entry into the Indian market when this fundraising campaign was launched. In partnership with Binny Bansal, a co-founder of Flipkart, the company launched its first overseas facility outside of the United States in Bengaluru.
The first female engineer at Facebook and former VP of operations at Dropbox, Ruchi Sanghvi, founded SPC in 2015. It offers a nurturing atmosphere for academics, engineers, and business entrepreneurs as they negotiate the early phases of their careers. In 2018, Aditya Agarwal, the former CTO of Dropbox, joined Sanghvi in establishing the SPC Fund.
SPC established its first fund in 2018 with a $50 million value, and a second fund in 2020 with a $150 million value.
The organization provides two programs: one for founders that gives up to $1 million in financial support, and another for entrepreneurs who are not looking for investment. There are presently more than 800 graduates and 175 active members of SPC. Prateek Mehta, a former employee of Angel One, was named by the organization in September to lead its India office.
