Dipti Gore
New Delhi, March 24 :Venture capital major Accel Partners today launched a new USD 305 million fund (about Rs 1,903.6 crore) that will invest in early stage Indian firms working in areas like mobile, enterprise software and healthcare.
“We are announcing our new fund, Accel India IV, a USD 305 million fund that like prior funds will invest in very early stage companies where we partner closely with India-based entrepreneurs to help build their businesses from the earliest days,” Accel Partners India Partner Subrata Mitra said in a company blogpost.
The fund will also continue to selectively pursue growth equity opportunities in the most promising technology companies in India, he added.
“The investment focus area will cover consumer, enterprise software, mobile and healthcare businesses,” Mitra said.
Accel, which started investing in India in 2005, had partnered with brands like BookMyShow, CommonFloor, Flipkart, Forus, FreshDesk, Mitra Biotech, MuSigma, Myntra, Power2SME, Proptiger and TaxiForSure.
It has already made several successful exits like Myntra (acquired by Flipkart), TaxiForSure (acquired by Ola) and Virident (acquired by Western Digital).
“We are excited about the entrepreneurial energy in India and we look forward to working with the next generation of business leaders,” he said.