Accel India’s New Fund Of $60 Million For Seed and Early Stage Fund

By Guest Author • November 13, 2008

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Accel which was earlier Erasmic Ventures in India has closed a $60M Venture Fund to invest in seed and early stage opportunities in India.

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The fund is looking at sectors as divers as Technology, Technology-enabled Services, Internet, Mobile, Media, Life Sciences, Consumer Products and Services, and other high-growth sectors of the Indian economy

Seed and early stage markets continue to be under served in India, attracting less than 5% of the total Venture capital funds and given the dearth of funds at this critical stage of funding Accel’s new fund in these times of slowdown comes as a boon for startup founders. The other funds dealing in startup and seed stage funding are seedfund, Indian Angel Network and Mumbai angels.

Accel also participates in second round of funding for startups it seeds invests in and the latest example of that was Myntra which raised 5 million recently. At TIE ISB Connect Gagan Kumar one of the Managing Partners in Accel Ventures stated that they even do sub 100,000 $ deals but prefer to continue investing more money as the startup grows.