Venture capital firm Accel, an investor in Flipkart, Swiggy and Freshworks among others has raised a $650 million fund, its seventh focusing on India after a record-breaking year for startup funding and at a time when murmurs of a funding slowdown have begun.
The new fund will also invest in Southeast Asian tech startups, a first for Accel, and follows rival VC firms Sequoia and Lightspeed India, which have both expanded to Singapore and Indonesia in recent years.
Accel’s new fund topped its $550 million fund raised in late 2019, and it now manages over $2 billion in assets in India.
“2021 was a landmark year for India’s startup ecosystem, with over $40 billion invested and Indian as well as global IPOs. There have been some corrections since, but macro trends continue to be favourable,” said Anand Daniel, partner at Accel in an interview with Moneycontrol.