Accel Raises $650 Million for Eighth India Fund

Venture capital firm Accel has secured $650 million (INR 5,569.7 crore) for its eighth India fund, maintaining its strong commitment to the South Asian market. The new fund matches the size of its seventh India fund raised in March 2022, according to reports from TechCrunch.

The Silicon Valley-based firm entered India in 2005 and has built an impressive portfolio of successful investments, including unicorns like Moneyview, Flipkart, Swiggy, and Moglix. Since its initial $10 million India Venture Capital Fund in 2008, Accel has played a pivotal role in supporting several major Indian startups from their early stages to significant exits.

Recent successes include the public listings of two portfolio companies in late 2024. Swiggy debuted its stock market on November 13, with shares trading at INR 412 on the BSE, a 6% premium to its IPO price. Similarly, BlackBuck's parent company, Zinka Logistics Solutions, listed on November 22 at INR 279.05 per share, marking a 2.21% premium over its issue price.

The firm continues to nurture early-stage companies through its Atoms program, which launched its fourth cohort in September last year. This pre-seed investment initiative focuses on startups in artificial intelligence, e-commerce, financial services, healthcare, and edtech sectors.

Recent investments from Accel India include leading a $2 million seed round in 10-minute food delivery startup Swish and participating in an INR 38.6 crore funding round for lending tech startup Moneyview alongside Nexus Ventures.

This latest fund and Accel's global growth fund of $1.35 billion positions the firm to continue its strategic investments in India's evolving startup ecosystem.