Accel India Venture has closed $60mn in second round of funding (the earlier fund raised was $12mn) to pursue a multi-sector strategy – targeting opportunities in technology sectors in India.
The funding has been raised from institutional investors from North America, Europe and Asia and is an independent round (i.e. not an extension to the earlier one).
Accel earlier acquired Erasmic is focusing on seed investments in India and strongly believes that Seed and early stage markets continue to be under-served in India – attracting less than 5% of the total Venture capital funds.
Some of their investment include Myntra, DoveTail, HolidayIQ, Inbiopro and Kaati Zone.