For an experienced team -- probably not. A bunch of 26 year olds will definitely have a crisis of credibility -- even with a functional product (which is the case with us). To a very large extent, a group like YC will give us the kind of credibility we need to approach the Indian angel/VC community. Not to mention the fact that the Indian press will love it :)

Good luck you guys :) We have a similar problem here in Russia. The investors or too small to fund you or they too large to work with you)

Hopefully we dont't need money to start a startup)

My advise - submit your application. I've submited mine yesterday.