The Indian Wire » Startups » Accel Partners India closes $550 million fund; to focus on seed and early-stage Indian startups
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Accel Partners India closes $550 million fund; to focus on seed and early-stage Indian startups

Lightbox invests $8 million in customized apparel brand Bombay Shirt Company through series B round

Focusing on seed and early-stage Indian startups, Accel Partners, a venture capital firm, has announced the final close of its $550 million (approx INR 2,940 crore) fund, reported Inc42.

Interestingly, the current fund is Accel’s sixth India-focussed fund. While, in 2016, Accel had closed its $450 Mn fund.

Also, Accel Partners has been the first investor in software-as-a-service (SaaS) unicorn Freshworks.

The firm Accel Partners also started its investment with Swiggy with a $1 million seed funding round.

Mentioning about the investment portfolio of Accel India, it has over 50 companies, which include Acko General Insurance, logistics startup BlackBuck, online ticketing platform BookMyShow, bike rental startup Bounce, health and fitness startup Curefit and home services startup UrbanClap.

Accel Partners was founded by Arthur Patterson and Jim Swartz in 1983. It started its first investment fund in 2005.

“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,” Accel said.

Accel also adds by saying that it expects India’s digital infrastructure to accelerate further.

It highlighted that the rapid growth spurt in India is not just limited to mainstream sectors food delivery, digital payments, and ecommerce but has also positively impacted sectors like agritech, education, insurance, logistics, healthcare, real estate, and manufacturing.

It also highlighted that Indian tech startups have created a $100 bn enterprise value and will the increase in GDP in the next decade, the startups will end up creating a disproportionately higher value in the future.

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