Accel Secures USD 650 Mn for Eighth India Fund The fund garnered support from 131 undisclosed investors, matching the amount raised for its seventh India fund in 2022.

Global venture capital firm Accel has successfully closed its eighth India fund at a record USD 650 million (around INR 5,500 crore), according to regulatory filings with the US Securities and Exchange Commission (SEC).

The fund garnered support from 131 undisclosed investors, matching the amount raised for its seventh India fund in 2022.

Accel, known for its strategic investments across seed to growth stages, has a robust presence in Silicon Valley, London, and India. Since establishing its India office in 2008, the firm claims to have invested in over 300 companies globally, including Flipkart, Urban Company, and Acko, many of which have achieved unicorn status.

Notably, Accel recently realised a 3391% return in Swiggy's IPO by tendering 10.5 million shares in the offer for sale (OFS). Based on the upper end of Swiggy's IPO price range, INR 390 per share, the firm earned INR 412 crore from the transaction.

The firm's focus on nurturing early-stage innovation remains steadfast. Recently, it backed FirstClub, a fintech startup by former Flipkart executive Ayyappan R, securing USD 8 million in seed funding. It also supported Simplismart, an end-to-end MLOps platform for generative AI models.

Accel's India investments reflect the growing appeal of the country's startup ecosystem. According to Tracxn's 2024 Geo Annual Report, India ranked as the third-largest funding recipient globally, following the US and the UK. While overall funding increased by 6% compared to 2023, late-stage funding grew 12.09% year-on-year, reaching USD 7.13 billion, with early-stage funding up by 2.09%, totaling USD 3.16 billion.

Accel's eighth fund underscores its continued commitment to scaling innovative Indian startups, further cementing its position as a key player in the country's venture capital landscape.