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Silicon Valley is waking up to the startup potential in India, and the newly-launched Galaxy investment entity is the latest example of America’s interest in getting involved in the subcontinent’s investment boom.

The idea is simple. They want to give Indian founders $1 million each to invest in new startups that they see fit in the area. The founders do not have to step away from their day jobs, and they don’t have to worry about the legal and financial documents. All of that will be taken care of by AngelList.

Galaxy has partnered with Naval Ravikant, Co-founder and Chairman of AngelList; entrepreneur Tim Ferriss, who is well-known for his ‘Four-Hour’ series of self-help books; Mixer Labs co-founder and ex-Twitter VP Elad Gil, and others.

All the founders have to do is invest in companies that they are already talking to and helping. As Galaxy’s announcement page puts it,

“Founders want to raise from other founders because the best startup advice comes from other founders. With their own funds, founders in India can also provide the best capital to get early-stage startups off the ground.”

Galaxy’s thesis is simple. They believe that the Indian startup ecosystem has matured enough and that it is time to start putting investment power in the hands of the founders who have seen the ecosystem grow. There is no prior investment experience needed as the partnered founders like Ravikant, Ferriss, and Gil will presumably help the founders with investment advice.

All the founders who prove their mettle with the initial million dollar grant will be eligible for a second $2 million grant to continue growing their investment portfolio. Applications are now open to partner with Galaxy for Indian founders exclusively.