South Park Commons targets $40 Mn India-focused fund

South Park Commons (SPC), a technical community and early-stage venture fund, is raising money for an India-focused fund, according to Securities and Exchange Commission (SEC) filings. 

TechCrunch, which first reported the development, noted that the target for the fund is $40 million, though the final amount has not yet been determined. 

This fundraising effort comes more than six months after SPC entered the Indian market in June. The firm opened its first international location outside the U.S. in Bengaluru, in collaboration with Flipkart’s co-founder Binny Bansal.

Founded in 2015 by Ruchi Sanghvi, the first female engineer at Facebook and former VP of Operations at Dropbox, SPC provides a supportive environment for startup founders, technologists, and researchers to navigate the early stages of their careers. Sanghvi was joined by Aditya Agarwal, former CTO of Dropbox, in founding the SPC Fund in 2018.

SPC’s first fund, valued at $50 million, was launched in 2018, followed by a second fund worth $150 million in 2020.

The group offers two programs: one for entrepreneurs not seeking funding and another for founders, which provides up to $1 million in financial support. SPC currently has 175 active members and over 800 alumni. In September, the group appointed Prateek Mehta, formerly with Angel One, as the head of its India branch.