The might of Indian startups has begun to show, as the most successful accelerator program in the world, YCombinator has selected three companies from the country for its summer batch.
The largest representation of Indian startups so far in the renowned Silicon Valley program include—Co-working space Innov8, car rental startup JustRide, and an app for sellers on Facebook and Whatsapp, Meesho. Founders of the three startups will participate in the three-month program at Mountain View headquarters of YC.
“Each of the founders from India in the current batch has personal experience with the problems they are solving, which gives them unique insights into the market they operate in,” President of YC, Sam Altman said. Incidentally, YCombinator now receives a second highest number of applications from India, next only to the US.
YC program organizes two batches of its accelerator program every year and invests $120,000 in these startups for a 7 percent equity stake. Towards the end of the program, startups present their products in front of selected audience of investors for funding.
Few of the most popular success stories of YCombinator include Airbnb, Dropbox, and Reddit to name a few. In India, YC has funded two startups—payments gateway Razorpay, and online tax return filer ClearTax.
“With this new war chest, expansion in India will be the immediate goal after the completion of YC and our main focus will be on JustConnect which is our P2P arm,” Aishwarya Singh, CEO and co-founder of JustRide said while speaking about their future plans with YC.