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Accel raises $650 Million in its Seventh Fund

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Accel raises $650 Million in its Seventh Fund
04 Mar 2022
6 min read

News Synopsis

Venture capital (VC) company Accel, an early investor in unicorns such as Flipkart, Swiggy, Zetwerk, Cultfit and Acko, has raised the seventh fund for India and Southeast Asia with $ 650 million.

The firm has said that the number of digitally transacting consumers is expected to grow to 500 million in the next five years. It also claimed that in India and Southeast Asia, the company is the first institutional investor in more than 85% of its investment and 95% of its investment in Seed or Series A.

The previous fundraiser ended in December 2019 with $550 million in funds. Prior to this, Accel India raised over $1.5 billion in six funds. Founded in 2008 by Mahendran Balachandran, Subrata Mitra and Prashanth Prakash, Accel India is recognized as one of the best VCs.

The latest fund is also a confirmation of Accel's performance. This was the first investor in Flipkart, investing a whopping $800,000 in 2008. When Wal-Mart acquired Flipkart in 2018 with $21 billion worth of transactions, Accel earned $800 million and $ 1 billion with a total investment of $ 125 million and still holds shares. It also invested $1 million in Swiggy, one of the top food tech players in the country and is valued at $10.7 billion.