Accel has raised $650 million (Rs 5,500 crore) for its eighth India fund, according to the US Securities and Exchange Commission filings, seen by FE.
With this, the venture capital firm’s total investment commitment to India will reach close to $3 billion. It had raised another $650 million for its seventh round in March 2022.
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Accel, which earned a 35 times return on its $20 million investment in Swiggy after the food delivery platform’s listing in November, is aiming to increase its focus towards India. Its investment in Blackbuck, which was also listed in November, has yielded gains of 4-5 times.
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It holds a stake in close to one-fifth of all unicorns in India. The firm was one of the early backers of Flipkart, Urban Company, Acko Insurance, Zetwerk, and BlueStone. It has now exited Flipkart, but BlueStone and Urban Company are looking to list on the Indian markets in the next 1-2 years.
In India, Accel is also focusing on expanding to non-metro markets and addressing a wider base of entrepreneurs. It has also ramped up its focus on rural India.
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“There’s a perception that rural means poor. But if you look at what the top 20% to 30% is spending there, it’s quite significant. We estimate it’s north of $250 billion,” Accel partner Anand Daniel had said in an interview last year.
The firm remains one of the very few global investors who have not separated their India unit. Its rivals, Sequoia and Matrix, have separated their India operations.
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