Unarguably the most successful accelerator program in the world, YCombinator has selected three Indian startups for its summer batch. This is the largest representation of Indian startups so far in the renowned Silicon valley program — at once.
Co-working space Innov8, car rental startup JustRide, and an app for sellers on Facebook and Whatsapp, Meesho have made it to the prestigious program. They will participate in the three-month program at Mountain View headquarters of YC.
Speaking about these startups, president of YC, Sam Altman said,
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.
He also revealed that YCombinator now receives second highest number applications from India next only to the US itself. However, he did not disclose the exact number of applications received.
Innov8 and Justride however, aren’t really names unheard of. The former is a super-awesome co-working space in the super-posh (actually one of world’s costliest real-estate buy for office spaces) Connaught Place area of New Delhi. Justride is a car-rental app, taking on the likes of Zoomcar and others.
On joining YCombinator, Vidit Aatrey, co-founder of Meesho, said,
YC has been a great resource of on-demand help for us, whether in product development, strategy or even resolving crisis situations. The advice from YC partners (and other YC startups) has made us challenge our assumptions and this intervention is extremely useful for early-stage startups like us.
Aishwarya Singh, CEO and co-founder of JustRide also spoke about their future plans with YC and said,
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.
YC program organizes two batches of its accelerator program every year. It invests $120,000 in these startups for a 7% equity stake. Towards the end of the program, startups present their products in front of selected audience of investors for funding.
YCombinator has churned out some of the most popular and successful companies in the world. This includes Airbnb, Dropbox, Codeacademy, Twitch, Reddit to name a few. In India, YC has also funded two startups- payments gateway Razorpay and online tax return filer ClearTax.
ClearTax recently scored a massive funding of $12 million from heavyweight investors like Peter Thiel’s FF Angel, AngelList’s Naval Ravikant, PayPal’s co-founder Max Levchin and Sequoia Capital. Jaipur-based Razorpay is also backed by the likes of Tiger Global and Matrix partners. It recently raised an undisclosed amount of investment from MasterCard.