Accel India, part of the Silicon Valley based Accel Partners and one of the prominent investors in India’s startup ecosystem, has raised nearly $550 Mn for its sixth India focused fund. The latest funding corpus has been raised almost after the period of three years and is also among its largest funding corpus for India. Last time, the VC had raised approximately $450 Mn to invest in Indian startup ecosystem.
The VC firm didn’t disclose about which sectors and industries will its latest funding corpus will focus on. But the company has given enough hints that it will continue with its time and tested strategy of investing in early stages of promising startups. This successful strategy has already helped in consolidating its reputation as one of the most high profile early stage investors in India’s dynamic startup ecosystem.
Sources claim that Accel will invest in close to 60 startups hailing from different sectors from its latest funds. Notwithstanding the ambiguity over prospective sectors, industries with high dependence or higher infusion of newer technologies like AI, IOT, big data and SaaS are likely to draw maximum funds.
Since its inception in India way back in 2005, Accel has invested in plethora of Indian startups including landmark startups like Flipkart, Swiggy and Freshworks. With its propensity for early stage investment, Accel took bet on these startups when they were operating from small dingy apartments and were still far from achieving success.
Some of Accel’s other high profile bets include Curefit, Acko, BookMyShow, Bounce, Blackbuck, Moglix and UrbanClap. Today most of these startups boost healthy market valuation and are among top leaders in their respective categories.
Accel’s latest funding corpus has come at a pretty adverse times as it will look to buck the growing sentiment of economic slowdown and overarching concern over sustainability of startups in the wake of WeWorks collapse.