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Accel Partners launch $125 Million India fund
By siliconindia
Bangalore: Accel Partners, the global venture capital and private equity fund, has announced the plans to set its third India focused fund of $125 million. Headquartered in Palo Alto, California,the venture firm is best known for investing early on in Facebook and Groupon, is understood to have sounded out its intent to various large fund of funds, reported Business Standard.
Accel Partners first entered India in late 2008 aster acquiring Erasmic Partners, a Bangalore-based early stage venture capital fund. Erasmic at that stage was managing a $15 million fund. Accel post that went on raise its second fund in India and as of now manages a total $80 million and has so far backed 30 companies.
With over $6 billion under management, 1983 founded Accel Partners has backed over 300 successful companies which include Alfresco, Arrowpoint, Baidu, ComScore, Foundry Networks, Infinera, Interwoven, Real Networks, Riverbed, Veritas and more.
Alternately, in addition to the VC fund, the venture firm is also raising a $400 million India-dedicated growth capital fund. Investment banking officials indicate that Accel is aggressively looking at this space even as it is looking to expanding its venture capital business.
The fund, during late 2009 hired Neeraj Bhardwaj as MD of the growth capital business in India and presently has a three member team manning this.
Accel Partners is coming in with an India-dedicated fund even as the private equity industry is swinging back to pre-recession levels. According to data from Venture Intelligence, a research service focused on private equity and venture capital, PE firms invested $7.9 billion over 325 deals in India during the 12 months ending December 2010, compared to a little over $4 billion across 290 deals during the previous year.
