Flipkart, Swiggy-backer Accel eyes $700 million fund
The final size of the fund is still being decided, and Accel could end up raising more than its stated intention.
“Accel plans to get more aggressive in growth deals and writing larger cheques for both new and existing companies besides their continuing focus on seed deals,” said one of the sources mentioned earlier. Top partners from Accel were recently in the US to meet limited partners (LPs), as investors in venture funds are known.
The final size of the fund is still being decided, and Accel could end up raising more than its stated intention, said two people briefed on the matter. Accel has already registered multiple entities for the fund with US regulator SEC. Accel, which entered India in 2008 by merging with local firm Erasmic, is one of the top venture firms in Silicon Valley, known for its early bets on Facebook and Slack.
The new fund is expected to be formally raised by end of the year and will be the single largest fund after Sequoia Capital India, which raised a $930-million funding in 2016 and a $695-million fund in 2018. Sequoia India also invests in Southeast Asia, and also recently launched its early stage accelerator programme called Surge, for which it has raised an additional fund of $150-200 million.
Emailed queries to Accel’s Shekhar Kirani and Anand Daniel did not elicit a response till the time of going to the press.