Accel eyes more IPOs in ‘standout’ market India this year
Swiggy and Flipkart, is looking to take public more startups from its portfolio this year, partners at the India office of the US-based venture fund told ET. Accel closed its eighth India-focused fund of $650 million, boosting total commitments in the country to $3 billion.
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«Global LPs (fund sponsors) are excited as they now see exits and DPI (distributions to paid-in capital) with IPOs happening in India. This fuels their willingness to deploy more dollars,” Anand Daniel, a partner at Accel said, adding the outlook for India remains the brightest outside of the US as one of the largest market for investors.
Daniel, whose portfolio firms like Swiggy and Blackbuck went public last year, said corporate governance concerns among global investors about the Indian market have lessened due to the increasing frequency of IPOs.
According to him, India has always commanded a premium in valuation but now there is a sync between private and public market valuations for technology companies.
“Domestic capital now significantly sets the price for public listings, reflecting decades of disciplined investing in India’s emerging market. Founders are realising the importance of aligning valuations with long-term growth rather than over-optimising in the short term,” Daniel said.
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