Accel raises $305m for India fund
Venture capital firm Accel Partners has raised $305 million for its fourth country-focused fund to invest in Indian start-ups.
The vehicle, Accel India IV, is seeking "very early stage companies" and "growth equity opportunities," according to a statement posted on the firm's website. The investment focus area for the new fund will cover consumer, enterprise software, mobile and healthcare businesses.
The firm saw a clutch of successful exits in the country such as online fashion retailer Myntra, which was acquired by another portfolio firm Flipkart; taxi-booking service TaxiForSure, which was acquired by its industry peer Ola; and flash storage firm Virident, which was acquired by Western Digital. Other investments included BookMyshow, CommonFloor, Forus and among others.
The Silicon Valley-headquartered firm's first investment in India came in 2008 with the acquisition of Bangalore-based early-stage venture investor Erasmic Partners, which at the time was managing a $15 million fund. The firm raised $155 million for Accel India III in 2011.
Accel Partners has 10 investment professionals based in India.
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