Y Combinators(YC) has inducted three of Indian Startups for the summer batch. It is fit the first time that a bunch of Indian startups have made their ways into Silicon Valley’s one of most coveted accelerator programmes.
The three startups that have been selected by YC are Innov8, a co-working space in CP, New Delhi, JustRide, a self-ride car rental app, and Meesho, an app for sellers on Whatsapp and Facebook.
The accelerator will be investing $120,000 in startups for a 7% equity stake across two batches every year, and the programme is based out of its Mountain View headquarters.
“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. India is now only second to the US in terms of applications received from a country , higher than Canada or the UK.” said Sam Altman
Although he did not disclosed the amount of applications received.YC has earlier funded two local startups -ClearTax, an online tax return filer, and Razorpay , a payments gateway.
“India is one of the largest and fastest growing markets globally, and that’s why we have been investing in Indian startups over the last couple of years. I think there will be multiple $10-billionplus companies which will be started in India in the next few years and, hopefully , we will get a shot at funding some of those. Walking the talk, YC will be sending a couple partners to India in late September to meet one-on-one with Indian teams. We’ll announce the visit and office ho urs, sign-ups in early August,” Altman said.Like this press release? Submit yours here.