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South Park Commons expands to India, partners with Flipkart cofounder

South Park commons in India

South Park Commons or SPC, an early stage venture fund based out of Silicon Valley, has set base in India with Bengaluru as its first overseas office. SPC-India, which will be headquartered in Bengaluru, is cofounded by Flipkart’s Binny Bansal. The accelerator will serve to support founders, technologists, and researchers in the -1 to 0 phase of their careers, as they decide what to undertake next.

History of South Park Commons

SPC was launched in the year 2015 by Ruchi Sanghvi, the first female engineer at Facebook. She was also V.P. (Operations) at Dropbox. The role of the emerging technology startup communities is to act as early-stage funding sources and incubators for people in their initial stages of their careers. In 2018, Sanghvi was joined by Aditya Agarwal, former CTO of Dropbox, to establish the SPC Fund. SPC already has a presence in San Francisco and New York City.

Why India?

Aditya Agarwal highlighted India’s readiness for SPC’s model, stating, “The Indian startup ecosystem has matured to sustain the incredible talent density that makes SPC work. Founders don’t have to move to the US to build world-class, category-creating companies.” Bengaluru, with its concentration of technical talent, successful local operators, and a dynamic entrepreneurial ecosystem, is poised to become a leading technology hub, aligning perfectly with SPC’s requirements.

Ruchi Sanghvi emphasized SPC’s mission to support founders during their most vulnerable stages, expressing excitement about bringing together talented technical founders in Bengaluru to help them pursue their passions. SPC has launched two funds to date, with Indian unicorns like Cure.Fit and Meesho among its portfolio. Recently, Agarwal and Sanghvi announced the closure of SPC’s third fund and plans to launch a new fund specifically for India, although they did not disclose its size.

This partnership with Binny Bansal follows his departure from Flipkart’s board in January, due to a conflict of interest with his new venture, OppDoor. In 2022, Bansal sold part of his Flipkart stake to Tencent for $264 million, reducing his share to 1.84%. He sold his remaining stake to Walmart, which acquired a majority stake in Flipkart in 2018 for $18 billion. Besides his entrepreneurial activities, Bansal is also an active investor in startups like VideoVerse, Curefoods, and SuperK.

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