Venture Capitalist Giant Accel Accumulates $650 Mn to Propel It’s New India Fund

Manvendra HadaJanuary 2, 2025

Business

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Three points you will get to know in this article:

Accel, a US-based venture capital firm, raised its ninth India fund from 131 unidentified investors.
Accel raised the same sum in its commitments for the seventh fund, Accel India VII, in March 2022.
They also announced the fourth batch of their flagship pre-seed investment program, Atoms, in September last year.

VC Accel Bags $650 Million (About INR 5,569.7 Crore) For Its Ninth India Fund

Accel, a US-based venture capital firm, has secured $650 million (about INR 5,569.7 crore) for its ninth India fund.

It is worth noting that Accel originally entered India in 2005, with the establishment of the Accel India Venture Capital Fund in 2008, which was worth $10 million.

Accel stated in a Securities and Exchange Commission (SEC) filing that the capital was secured by 131 unnamed investors.

The Silicon Valley-based investment group, which has Moneyview, Flipkart, Swiggy, and Moglix among its unicorns, committed $650 million to the seventh fund, Accel India VII, in March 2022.

Accel’s global growth fund (seventh fund) has closed its newest round, raising $1.35 billion.

Famous & Successful Investments/Bets by Accel India

Furthermore, the multistage venture capital firm has sponsored numerous well-known Indian startups in their early phases, with Flipkart and Freshworks being two of the most successful stories in its portfolio, as Accel supported them from the seed round and through each successive investment round.

On the other hand, two of its portfolio firms are expected to go public in late 2024, with Swiggy making its stock market debut on November 13, with shares of the foodtech behemoth trading at INR 412 apiece on the BSE, an almost 6% premium to the IPO issue price.

Meanwhile, shares of BlackBuck’s parent, Zinka Logistics Solutions, which is also an Accel portfolio, made their stock market debut on November 22, trading at INR 279.05 per share, a 2.21% premium to its issue price.

Recent Investments by Accel India

Accel unveiled the fourth cohort of its flagship pre-seed investment programme Atoms in September of last year, with a focus on entrepreneurs in artificial intelligence, ecommerce, financial services, healthcare, and edtech, among other industries.

Accel India led the $2 million (about 16 crore) seed capital round in Swish, a 10-minute meal delivery service, two months ago. Moneyview, a lending tech business, also received INR 38.6 crore (about $4.6 million) in equity capital from Accel India and Nexus Ventures.