And Combinator chooses 28 Indian startups
Digbijay Mishra and Madhav Chanchani | TNN
Bangalore: Silicon Valley top accelerator And combiner It has doubled the number of startups in India for its winter lot to approximately 28 from 14 in the summer, which was also a record, four sources familiar with the development said.
This is significant as the storied accelerator has typically picked 5-10 startups for each batch from India over the last 2-3 years. And combiner has a portfolio of 2,000 companies and over 20 unicorns, which includes Airbnb, Stripe, Dropbox and DoorDash.
This comes at a time when the company has decided to leave China. While Chinese startups can request the accelerator, popularly known as YC, it will not have a separate country program for China. Typically, a Yc The lot sees about 180-200 new businesses and about 40% are from outside the US. UU. Taking into account the latest figures, the new Indian companies would have a greater share among the new international companies of approximately 15% in the winter lot compared to 7% in the previous lot.
“In all sectors, they have doubled for the last batch. They have collected 28 startups from India, ”said a person aware of the matter.
A Yc spokesperson said the number of founders from each country is still not final and that it is not related to its Chinese exit either.
In September, Yc ’s new president Geoff Ralston had told TOI he wanted to fund more Indian unicorns and that the country will dominate as a market outside the US. Prominent bets of Yc in India include payments startup Razorpay , fintech company ClearTax and social commerce player Meesho , which were part of their previous lots of 2015 and 2016.
For the last two batches, Yc executives have come to India to conduct interviews as it places a larger bet on local startups in Asia’s third-largest economy. Earlier, startups would have to go to the US to pitch their ideas if selected. While Yc is seeing 30-40% more applications from India, venture capital investors like Sequoia Capital are also getting aggressive on early-stage investments with programmes like Surge pushing Yc to get more aggressive.