Accel to support Indian startups with new $650M fund
Accel has announced a new fund to back Indian startups. The storied venture investor is looking to double down on its bet on the world’s second-largest internet market. Accel has announced the launch of its seventh India fund, with a $650 million investment target, as it seeks to double down on its bet on the world's second-largest internet market while simultaneously becoming more active in Southeast Asia. The new fund's announcement comes less than two and a half years after Accel's sixth fund, which debuted in late 2019. The first round of checks for the new venture are scheduled to be wired within a few weeks. The Silicon Valley venture capital firm was among the first to invest in India. In the South Asian country, the corporation has a sizable portfolio of unicorn businesses. Some of its notable investments include backing Flipkart, which sold a majority stake to Walmart in 2018; top food delivery startup Swiggy; and Freshworks, which went publi...