India-focused private equity firm Accel India Ventures has raised $60 million to make seed- and early stage investments.
The fund will typically make lead investments in technology, technology-enabled services, internet, media, mobile, life sciences, consumer products and services, as well as other high-growth sectors.
There has been a significant increase in entrepreneurial activity in India in the last few years, said Subrata Mitra, a partner at Accel India.
Accel India was formed earlier in the year when India’s Erasmic Venture Fund and Accel Partners partnered to launch the Accel India Venture Fund. At the time, the partners of Erasmic Venture took over as partners at Accel India.
Post-unification, Accel India continues to handle Erasmic’s portfolio of investments which includes HolidayIQ, a travel and holiday information portal; Kaati Zone, a chain of Indian quick service restaurants; Kirusa, which provides value-added mobile services; and Perfint, a healthcare devices startup, among others.
Established in 1983, Accel Partners has more than $4 billion in assets under management.