South Park Commons Looking To Raise $40 Mn For India-Focused Fund

Silicon Valley-based early-stage venture fund South Park Commons (SPC) is planning a capital raise for its India-focused fund over six months after it entered the South Asian market, according to a filing with the US Securities and Exchange Commission (SEC).

While the exact size of the fund has not been finalised, the listing sets the target at $40 Mn.

TechCrunch reported the development first.

Founded in 2015 by Ruchi Sanghvi, the first female engineer at Facebook and former VP of Operations at Dropbox, SPC is a tech startup community and early-stage venture fund dedicated to supporting founders, technologists, researchers, and builders during the -1 to 0 stage of their career, when their goal is to figure out what to work on next.

Sanghvi was joined by Aditya Agarwal, former CTO of Dropbox, with the founding of the SPC Fund in 2018. SPC has a presence in San Francisco and New York City.

SPC made its entry into the Indian market last year by establishing its first international outpost in Bengaluru. This initiative, launched in partnership with Flipkart cofounder Binny Bansal, aimed to foster a supportive ecosystem for founders, technologists, and researchers.

SPC has launched two funds till date and counts Indian unicorns like Cure.Fit and Meesho in its portfolio. The move to Bengaluru represents SPC’s first global expansion.

The SPC’s entry into India comes at the heart of growing Investor interest in the Indian tech startup landscape driven by the surge in smartphone adoption and affordable internet prices in recent times. 

SPC has approximately 175 active members and over 800 alumni. Of these, about 80% are founders, while the remaining members are domain experts and researchers.

In September last year, Prateek Mehta, a former executive at stockbroking firm Angel One and ecommerce giant Myntra, joined SPC as its founding partner for India.