Venture Capital firm Accel India, one of the top startup investors in the country, has raised $550 million for its sixth fund at a time when the global startup ecosystem is nearing the end of a revolutionary cycle. Even though India is facing a major financial slowdown, Accel will continue investing in early-stage startups across the country.
Accel was set up in 2008 in India by Mahendran Balachandran, Subrata Mitra, and Prashanth Prakash and it is considered as one of India’s oldest VCs, and most successful among them. Some of its top portfolio companies include Flipkart, Swiggy, and Freshworks.
In the Indian startup ecosystem, some of these early bets, which Accel term as it’s Originals, have given Accel the benefits and reputation as a ‘Kingmaker’ in an Indian startup. In the past ten years, Accel has enlarged its team and now has nine partners and 51 employees.
In 2008, Accel India invested $800,000 in Flipkart. It continued investing in the eCommerce firm until it was acquired by Walmart for an amount of $16 billion with an estimated value of $21 billion.
The firm also invested $1 million seed money in Swiggy when it was as small as making 100 deliveries a day in Bangalore. Currently, it is India’s leading food delivery platform and handling over a million orders. Also, Accel has invested in successful businesses such as Bookmyshow, Blackbuck, and Cure.fit.
Recently, the firm is experimenting with novel ideas in various business sectors. The backed companies include an e-commerce firm Simsim and insurance platform Acko, among other tech-enabled startups. Accel also launched the incubator program to support early-stage startups.
Accel firm totally has raised $1 billion in five rounds. It typically invests across five areas, including consumer, B2B, SaaS, fintech, and health care. The firm also invested in some categories like food delivery, digital payments, and e-commerce.
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