Accel nears close of new India fund at $650 million
Accel India, an early-stage backer of Flipkart and Swiggy, has closed its eighth fund, securing $650 million in investor commitments, people briefed on the matter said.
At the same time, Accel’s global growth fund based in the US has also closed its latest fund with a $1.35 billion corpus, the people said, citing US Securities and Exchange Commission (SEC) filings. A portion of the funds raised will be allocated to Indian startups in their pre-IPO rounds, the people added.
Once formally closed, Accel’s latest fund will boost its total commitments in India to nearly $3 billion. It signals a likely more active strategy by Accel to deploy capital through the India and the US growth funds across various lifecycle stages of startups.
This comes at a time when the venture capital firm has had portfolio listings like Swiggy, Blackbuck, with more than half a dozen of its Indian portfolio firms set to go public next year. This includes jewellery maker Bluestone which has filed draft papers for its public issue.
The latest India fund will be deployed to double down on new and existing bets. Non-metro markets will also be tapped to tap a wider range of entrepreneurs.
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