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Accel has raised $650 million for its eighth fund in India as the US company expands its sales channels in the South Asian market.
The new fund follows the company’s strategy India’s seventh hedge fund in March 2022. Accel – which has backed companies including e-commerce group Flipkart, food delivery platform Swiggy and software group Freshworks – has established itself as India’s most successful venture capital firm, serving as the first investor in its industry.
The company wrote Flipkart’s first check for $4 million post-funding – an amount that has skyrocketed, given that Flipkart is now worth more than $36 billion. His partner Anand Daniel led the Swiggy seed at a valuation of $2m. Swiggy made a public appearance in November in what was The world’s largest IPO of 2024at a cost of $11.3 billion.
By 2022, the most successful startups will exceed $100 billion in valuation.
Indian startups have changed a lot since Accel first entered a decade ago. The biggest change has been the increase in public listings, overcoming previous objections. More than half of the Indian companies supported by Accel, including manufacturing platform Zetwerk and jeweler Bluestone, are. is set to go public this yearTechCrunch previously reported.
“India is becoming an excellent location for tech IPOs driven by its capital markets and emerging technology that continues to attract the attention of investors,” Daniel (left of photo above) told TechCrunch in November.
Accel is still one of the few Silicon Valley investors that has not separated its India division, while rivals Sequoia and Matrix have cut ties with their Indian investments in recent years.
The company recently developed his interest in rural Indiabetting against conventional wisdom that businesses that cater to affluent customers in cities and small towns can thrive.
