Accel invests $7m in India's Mihup

The deal will see Accel take a 20% stake in Mihup, the company's co-founder told The Times of India; Pankaj Gupta, the chief technology officer of homestay booking service Stayzilla, also invested alongside Accel for a 1% stake. Mihup will use the capital to support development on its product's speech recognition system and user interface.

While Mihup's initial product is a standalone app for Android-based smart phones, the company's goal is to produce a software development kit that can be integrated with any app on a user's phone. This would allow apps to share data more easily while giving the main app information about the customer's use patterns so it can offer better service.

A beta version of the app was launched in 2014 by Nectar Consultancy Services, whose founders went on to found Mihup earlier this year. The full app is expected to launch by the end of this year.

Accel has supported a number of Indian technology start-ups. So far this year it has led a INR400 million Series A round for mobile payment system developer Juspay and participated in a $35 million Series C round for food delivery platform Swiggy, among others. It was also one of the first backers of e-commerce giant Flipkart.

Currently Accel is investing out of its fourth India fund; the vehicle, Accel India IV, closed last year at $305 million. It seeks investments in early stage companies in the consumer, enterprise software, mobile internet and healthcare businesses.

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• Topics
• South Asia
• Technology
• Early-stage
• Venture
• India
• Accel Partners
• TMT