Silicon Valley accelerator Y Combinator has selected three startups from India – Innov8, JustRide and Meesho – for its summer batch, reports Times of India. Y Combinator invests $120,000 for a stake of 7% in the companies it mentors over three months.
Innov8 is a co-working space in Delhi’s Cannught Place and offers plans starting from Rs 600 per day to Rs 14,000 per month. JustRide is a self drive car rental service and secured seed funding round led by IAN Co-founder Alok Mittal, Niraj Singh, Nikunj Jain, Zishaan Hayath, Punit K Goyal, Anirudh Damani, Rohit Chokhan, and Palaash Venture. Meesho is an app for sellers on Facebook and WhatsApp and raised an undisclosed amount of angel funding in May from investor Rajul Garg, besides other investors.
Y Combinator has so far invested in three startups. It’s most recent Indian investment was in rewards and product discovery app RedCarpet. RedCarpet’s app is looking to simplify reward programmes where deals get applied automatically when users pay through the app.
In 2014, Delhi-based ClearTax, that helps users file taxes online, was accepted into Y Combinator’s programme. The company raised $12 million in a funding round led by Ravi Adusumalli of SAIF Partners who will also be joining the company’s board. Payment gateway RazorPay raised seed funding of $2.5 million from 33 investors including Y Combinator, Kunal Bahl & Rohit Bansal (Snapdeal founders), Punit Soni (ex-Flipkart CPO), Amit Gupta & Naveen Tewari (Inmobi founders), Kunal Shah & Sandeep Tandon (Freecharge founders).
Sam Altman took over as president of Y Combinator in March 2014 from founder Paul Graham. Graham, who started the accelerator in 2005, has stepped down from his leadership role but continues to do office hours with startups.
No more VC co-investors in Y Combinator: In 2014, Y Combinator decided that it would not include any venture capital investors. Venture capital investors started getting involved in deals in 2011 with Yuri Milner and SV Angel offering $150,000 to every startup that YC invested in on an uncapped convertible note.