Accel closes new $550M fund for India

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Accel, one of many world’s most influential enterprise capitalist companies, is changing into extra bullish on India.

The Silicon Valley-headquartered agency, which largely focuses on early stage investments, stated right this moment it has closed $550 million for its sixth enterprise fund in India.

This is a big quantity of capital for Accel’s efforts within the nation, the place it started investing 15 years in the past and has infused roughly $1 billion by all its earlier funds.

Anand Daniel, a companion for Accel in India, informed TechCrunch in an interview that the VC fund will proceed to concentrate on figuring out and investing in seed and early stage startups.

But the fund realized that it wanted extra money in order that it might actively take part in follow-on rounds (later stage financing rounds) of its portfolio startups. The announcement right this moment follows Accel’s related latest push in Europe and Israel, the place it closed a $575 million fund.

Like in lots of different markets, Accel’s observe document in India is sort of spectacular. It participated within the seed financing spherical of e-commerce agency Flipkart, which was then valued at $four million post-money. Walmart purchased majority stake in Flipkart final yr for $16 billion.

Accel, which has 9 companions and greater than 50 members in complete in India, additionally invested within the seed spherical of SaaS big Freshworks, which is now valued at over $three billion, meals supply startup Swiggy, additionally valued at north of $three billion, and lately turned unicorn BlackBuck.

The VC agency says 44 startups in its India portfolio right this moment are valued at over $100 million. In complete, together with Flipkart’s $21 billion market worth, Accel’s portfolio companies have created $44 billion in market worth.

“When we started our first fund in India in 2005, the world was a very different place. Just 1 in 50 Indians had access to the internet and mobile phone ownership was nascent. ​Yet we firmly believed that India was on the cusp of a big change,” the agency stated in a press release.

“Today, the opportunity ahead is significantly bigger than when we started in 2005: India can now digitally identify 1.3 billion people, has 600 million internet users and 150 million online transacting customers with a national payments platform that processes $20 billion a month.”

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