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Accel India raises USD 550 Mn for its sixth India fund

Dec 4, 2019 by The Passage Team
Accel India raises USD 550 Mn for its sixth India fund

Accel India team

Accel India has closed its sixth fund—$550 million of new capital that will be primarily invested in seed and early stage startups in India.

The Silicon Valley company is an early and growth-stage venture capital firm that powers a global community of entrepreneurs. Founded in 1983, Accel brings more than three decades of experience building and supporting hundreds of companies

Accel started its first fund in India in 2005. India can now digitally identify 1.3 billion people, has 600 million internet users and 150 million online transacting customers with a national payments platform that processes USD 20 billion a month.

“Our team of 50+ in India is deeply grateful for the partnership from entrepreneurs who have helped us in our Accel journey. We feel humbled with the trust that our founders have put in us, and have the same excitement, anticipation, and promise today that we started with 15 years ago,” Accel said in a statement.

Accel already partners with 100+ early-stage startups in India alone. The company started with an USD 800,000 investment in Flipkart and continued backing the company until its acquisition by WalMart valued it at over USD 21 billion—the largest-ever acquisition of a private, venture-backed company in the world. Accel partnered with Freshworks in 2011. Accel poured USD 1 million when the company had 6 employees. Today, it has more than 2,500 employees and is valued at USD 3.5 billion. The company has also put in USD 1 million in Swiggy at a time it was making around 100 deliveries a day in Bangalore. Swiggy now handles more than 1 million daily orders and is valued at USD 3.4 billion.

Accel also backs startups such as Acko, Akamara, Blackbuck, BookMyShow, Bounce, BrowserStack, Cogoport, Clevertap, Curefit, Drip Capital, Farcast Biosciences, Mindtickle, Moglix, Ninjacart, Portea, Rupeek, Samunnati, StanzaLiving, UrbanClap, USPL, Zenoti, Zetwerk, Zinier and many more.

Accel proactively gets involved with its partners on product and scale thinking, brand and digital marketing, organisational scaling and culture, and financial metrics.

“With a robust digital infrastructure firmly in place (and expanding rapidly), we expect digital adoption in India to only accelerate. We see this trend playing out not only in categories like food delivery, digital payments, and e-commerce, but also across sectors like agritech, education, insurance, logistics, healthcare, real estate, and manufacturing,” Accel said in a statement.

In the last decade, Indian tech startups have created around USD 100 billion of enterprise value.

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

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