Accel India Raises $550 Million Fund
Founded in Silicon Valley 35 years ago, VC firm Accel Indian subsidiary Accel India raises its sixth $550 fund. This is the largest fund amount Accel India has raised so far.
"Accel India raises its first fund in 2005, the world was a very different place. Just one in 50 Indians had access to the internet and mobile phone ownership was nascent,” the company said in a press statement.
India now has 600 million internet users and the country is also the home of more than 10,000 startups.
Over the last 15 years, Accel has invested in more than 100 of these startups. “When we partnered with Freshworks in 2011, software-as-a-service as a category from India was almost non-existent. Our first cheque was $1 million when the company had six employees. Today, it has more than 2,500 employ...