Accel India Venture Fund, which came out of Accel’s recent absorption of Indian VC firm Erasmic, as predicted has closed $60 million in a second round of funding new fund (the earlier round was fund had raised $12mn) from institutional investors from North America, Europe and Asia, according to Pluggdin.
Accel believes that seed and early stage markets continue to be under served in India, despite being one of the fastest-growing economies in the world, attracting less than 5% of the total venture capital funds. The firm stated there will not be a significant shift in the multi-sector investment strategy of Accel.
Accel’s investments have included Facebook and Walmart and the fund manages over $4 billion of assets across the US, Europe and Israel, as well as in China via a joint partnership between Accel and IDGVC China, which counts leading Chinese online video sharing site Tudou.com in its portfolio.
Accel India‘s portfolio of companies includes DoveTail, HolidayIQ, Inbiopro, Kaati Zone, Kirusa, MuSigma, Myntra, Perfint, Sconce and Virident. The firm is managed by four partners, formerly those of Erasmic: Mahendran Balachandran, Gagan Kumar, Subrata Mitra and Prashanth Prakash.