Accel Partners which fund companies from inception through the growth stage said that its Accel India III is nearly two and a half times its predecessor, Accel India Venture Fund II, which raised $60 million three years ago.
“The fund has attracted top tier institutional investors from North America, Europe and Asia, and will focus on opportunities in Internet services, digital media, SaaS and enterprise technologies, mobile, healthcare and education, and other high-growth sectors. Accel currently has 34 portfolio companies in India,” Accel said in a statement.
The firm founded in 1983, has helped entrepreneurs build over 300 successful category-defining companies, such as Dropbox, Facebook, Gameforge, Groupon, Kayak, Modcloth, Quidsi, and Spotify, among others. In India, Accel has partnered with Internet startups such as Flipkart, Myntra, Letsbuy, HealthcareMagic, Babyoye, and Exclusively.in.
Accel Partners has eleven investment professionals based in India, led by four partners: Mahendran Balachandran, Shekhar Kirani, Subrata Mitra, and Prashanth Prakash.
In addition to its early stage practice, Accel is also an active investor in growth equity opportunities across the globe, having recently made investments in the United States, Germany, France, Finland, Russia, China, Australia, and Brazil.
“Accel appreciates the support for this fund from our greatly valued and longstanding investors. Our core strategy in India will continue to be the same: to be the first investment partner of choice for entrepreneurs right from company inception or the very earliest stages. Accel will continue with its highly engaged model of company-building,” said Sameer Gandhi, Partner at Accel Partners.