US-based venture capital firm Accel its eighth India fund to expand its investment strategy in the South Asian market
The Silicon Valley-based investment firm raised the same value in its commitments towards the seventh fund, the Accel India VII, in March 2022
To note, Accel also announced the fourth cohort of its flagship pre-seed investment programme Atoms, in September last year
US-based venture capital firm Accel has reportedly raised $650 Mn (around INR 5,569.7 Cr) for its eighth India fund.
As per TechCrunch report, the capital will help Accel to expand its investment strategy in the South Asian market.
The Silicon Valley-based investment firm, which counts Moneyview, Flipkart, Swiggy and Moglix among its unicorns portfolio, raised $650 Mn in its commitments towards the seventh fund, the Accel India VII, in March 2022.
Accel’s global growth fund (seventh fund) closed its latest round, raising $1.35 Bn.
It is pertinent to note that Accel first arrived in India in 2005, starting with the Accel India Venture Capital Fund in 2008 worth $10 Mn.
Furthermore, the multistage VC firm has funded some well-known Indian companies in their early stages, with Flipkart and Freshworks being two of the biggest success stories under its portfolio, as Accel supported them from the seed round and through every subsequent funding round.
On the other hand, it is seen two of its portfolio brands have gone public in late 2024, with Swiggy making its stock market debut on November 13, where shares of the foodtech major were trading at INR 412 apiece on the BSE, a premium of almost 6% to its IPO issue price.
Meanwhile, shares of BlackBuck’s parent Zinka Logistics Solutions, which is also another portfolio of Accel, made their stock market debut on November 22, listing at INR 279.05 per share, a premium of 2.21% over its issue price.
Accel announced the fourth cohort of its flagship pre-seed investment programme Atoms, in September last year, targetting startups operating in artificial intelligence as well as ecommerce, financial services, healthcare and edtech sectors among others.
On grounds of investments, Accel India led the seed funding round in 10-minute food delivery startup Swish of $2 Mn (over 16 Cr), two months ago. Additionally, lending tech startup Moneyview secured INR 38.6 Cr (about $4.6 Mn) in an equity funding round from Accel India and Nexus Ventures.
