Erasmic Ventures which is a seed stage investor and has done investments like Myntra.com, Chakpak.com and HolidayIQ in the internet space in India has now been absorbed by Silicon Valley based Accel Partners to launch a new India focussed Accel India Venture Partners.
The newly formed Accel India Venture will focus on early-stage venture investing, delivering active, hands-on strategic and operational guidance in partnership with India’s most promising entrepreneurs.
The newly formed Accel India Ventures would also be managed by Subrata Mitra, Prashanth Prakash, Mahendran Balachandran and Gagan Kumar who were earlier the partners at Erasmic Venture Partners. Im assuming the current portfolio of erasmic would also be under Accel India Partners as erasmic seems to have done away with its own corporate site.
Erasmic Ventures was till now investing from a corpus of 10 Million venture fund but post the new entity of Accel India the fund size will inflate to 6 times i.e. 60 Million Dollars in this quarter. What’s also interesting to note that Erasmic was invested in by Google while Accel Ventures is one of the investors in facebook.
On the whole this is great news for the erasmic porfolio companies like Myntra, HolidayIQ and chakpak.com as this gives them access to a fairly large International Venture Fund if they even need that kind of access or money.
Also what this does is gets an International VC backed Indian seed investment firm which will only be great for the startup ecosystem in India. Though what remains to be seen is if there are enough fundable startups out there for such investors.
Congrats to Erasmic Ventures
Thanks Rajiv, for the info on Erasmic!