Accel targets $125m India venture fund
Accel Partners is targeting a $125 million fund that will be dedicated to India, The Business Standard reported. The California-based venture capital firm is understood to have sounded out various large fund-of-funds about its plans.
The new venture fund comes as Accel is seeking to raise $400 million for an India-focused growth capital vehicle.
The firm entered India in 2008 through the acquisition of Bangalore-based early-stage venture investor Erasmic Partners, which at the time was managing a $15 million fund. Accel has since raised a second fund and now has $80 million under management in India and has made investments in 30 companies. Globally, the firm has more than $6 billion in assets under management.
In addition to Accel, Aavishkar, IndoUS Venture Partners, IDG Ventures and Clearstone Venture are all said to be raising India-dedicated venture funds collectively worth in excess of $500 million.
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