Accel just secured $650 million for its eighth India fund, aiming to expand its investment activities in the South Asian market. Over half a dozen companies backed by Accel, such as Zetwerk and Bluestone, are expected to go public this year, according to reports from TechCrunch.
India’s tech IPO scene is gaining momentum, buoyed by robust capital markets and a vibrant innovation ecosystem that continues to attract substantial investor interest, as noted by Daniel in an interview with TechCrunch last November.
Unlike its counterparts Sequoia and Matrix, Accel has chosen to keep its Indian division intact, displaying a sustained commitment to the market. This new fund comes right after the success of their seventh India fund, which they closed in March 2022. The Indian startup scene has seen significant shifts since Accel’s entry over a decade ago, with a notable increase in public listings, countering earlier critiques. Swiggy made waves in November when it went public, marking the year’s most prominent global technology IPO of 2024 valued at $11.3 billion.
As of 2022, the combined valuation of Accel’s star startups had crossed the $100 billion mark. Known for backing major players like Flipkart Swiggy and Freshworks Accel has carved out a reputation as India’s leading venture capital firm by being the first institutional investor for many companies in their portfolio.
Accel made a groundbreaking early investment of $4 million in Flipkart a move that has paid off immensely considering Flipkart’s current valuation of over $36 billion né?. The firm has recently shifted focus towards rural India challenging the conventional belief that businesses catering to consumers in smaller cities and towns cannot achieve long-term success.
Accel is reshaping its approach to early-stage startup investments in India aiming to navigate the evolving landscape and identify promising opportunities for growth.. Anand Daniel, one of the partners, led the way in Swiggy’s seed round with a $2 million pre-money valuation né?
