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Accel closes $650 million for new India fund
Accel has raised $650 million for its eighth India fund as the U.S. venture firm expands its investment strategy in the South Asian market. The new fund Accel has raised $650 million for its eighth India fund, according to securities filing.
“India is fast becoming a promising hub for tech IPOs driven by its strong capital markets and a thriving innovation ecosystem that continues to attract substantial investor interest,” Daniel (left in the above picture) told TechCrunch in November. Accel also remains one of the few Silicon Valley investors that hasn’t separated its Indian unit, while rivals Sequoia and Matrix have cut ties with their respective India funds in recent years. The firm has recently deepened its focus towards rural India, betting against conventional wisdom that businesses serving affluent consumers in smaller cities and towns can achieve sustainable success.
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