To back early stage startups, venture capital firm, Accel Partners is launching an India-focused fund – Accel India IV for $305 million. The focus areas for investments will be consumer, enterprise software, mobile and healthcare businesses.
Accel is an investor in many companies like Flipkart, BookMyShow, Forus, FreshDesk, CommonFloor, Mitra Biotech, MuSigma, Myntra, Power2SME, Proptiger, and TaxiForSure among others. Till date, the VC firm has launched 12 funds including the latest one, mentioned above.
It has made 618 investments till date and has offices located across Silicon Valley, New York, London, China, and India. They typically make multi-stage investments in internet technology companies. Investors pumped $4.5 billion into the Indian Internet space in 13 months, counted till February, said Morgan Stanley in a statement.
Since its Indian entry in 2005, Accel has seen a few exists, including Myntra, which was acquired by Flipkart, TaxiForSure, which was bought by Ola, and Virident, which was acquired by Western Digital.
Sequoia is another player from Silicon Valley, which raised a $530 million India-focused fund in 2014. Earlier this month, SAIF Partners had raised $350 million for a new India-focused fund. The firm is looking forward to make investments in technology focused businesses. Towards the end of 2014, Lightbox too had raised a second fund of $100 million.