Dave McClure’s 500 Startups has announced two new venture partners, Pankaj Jain to focus on India and Shai Goldman in New York City. Following this move, the seed fund and startup accelerator has officially entered India.
According to 500 Startups, Jain will be focusing on investing in Indian startups, investor relations and building community across India. 500 Startups, has already made more than 10 investments in Indian companies, including Teliport.me, MyGola, and CucumberTown. The fund had also collaborated with Rajesh Sawhney’s recently announced GSF India Accelerator program.
Prior to this assignment Jain was consulting for Times Internet’s TLabs accelerator in Delhi area where he was focused on deal sourcing and running the accelerator. He is also the lead organiser of Startup Weekend India. Before moving to India in 2007, Jain spent over ten years running technology and operations in NYC for multiple hedge funds, including LTCM.
500 Startups provides early-stage companies with up to $250,000 in funding, a startup accelerator program, and conducts events like SmashSummit, UnSexy, and GeeksOnaPlane. It has startup mentors around the world, and a community of startup founders, assisting new ventures under the program.
Other start-up accelerators in India: Last week, Pearl Uppal, Co-Founder and former CEO of Fashionandyou.com and Gaurav Kachru, Co-founder and former CEO of dealsandyou.com, had also launched a seedfund cum start-up accelerator, 5ideas. Prior to that, former Reliance Entertainment President Rajesh Sawhney had announced GSF Accelerator, another startup accelerator, which intends to provide 12 startups with personalized and intensive mentoring over a seven week period, as well as access to funding and business networks. Last year, Times Internet Limited* (TIL), BCCL’s internet arm had also launched T-Labs, an incubation & development program to mentor and support startups in the field of internet and mobile. Another start up accelerator is The Morpheos, founded by Sameer Guglani and Nandini Hirianniah, which focus on super early stage startup, offering Rs 5 lakh funding, 4 months of intensive support from morpheus as a limited co-founder, and access to morpheus gang , a community of 65+ morpheus portfolio founders.
*Disclosure: Times Internet Limited (Indiatimes) is an advertiser with MediaNama