Accel raises $550 million for ninth India fund

The new fund is around 15% smaller than Accel’s previous India fund. Accel had closed $650 million for its eighth India fund in January last year.

With its latest fund, Accel will continue to back Indian founders from the early stages, while looking for companies that can build for both the Indian and global markets. The new fund will continue to invest across sectors including AI, consumer, fintech and manufacturing.

The venture capital firm has also has capital left from the previous fund for deployment.

Other marquee venture capital firms have also raised smaller pools of capital in their latest fundraises. Last month, Elevation Capital closed $500 million for its ninth main fund, lower than the $670 million it had raised in 2022. Earlier this year, Peak XV Partners raised $1.3 billion across new India and Asia-focused funds. While this was Peak XV's first fundraise since its split from Sequoia, its previous fund stood at $2.85 billion.