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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.
The Bengaluru-based startup will use the fresh capital to accelerate the development of enterprise-grade AI solutions and strengthen its Forward Deployed Engineer (FDE) model, among others.
More than 65% of the commitments for the first close came from overseas Limited Partners (LPs), or investors.
The funding round also saw participation from Luthra Group and follow-on investments from existing investors SVL-SME Fund (managed by SBI Ventures Limited), Rainmatter Capital, and 8X Ventures Fund I.
The round also witnessed participation from existing investors Chiratae Ventures, Varanium Fintech Fund, and VCMint.
The Bengaluru-based startup will use the fresh capital to strengthen its underwriting, actuarial, catastrophe modelling, and AI capabilities.
The funding round also saw participation from other existing investors Peak XV Partners, RTP Global, and Z47.
The funding round was raised from VC firms Stellaris Venture Partners and 3one4 Capital, and a group of prominent angel investors including Swiggy CEO Sriharsha Majety.
The round also saw participation from Razorpay and Wyser Capital.
The funding round will also see participation from Glade Brook Capital, Gaja Capital, Indigo Ventures, and several angel investors and family offices.
The funding round also saw participation from existing investor Negen Capital.
The round also saw participation from Pentathlon Ventures, Silicon Road Ventures, and existing investor Titan Capital.
The fund is anchored by Self-Reliant India Fund, HDFC Asset Management Company, and HDFC AMC Select AIF FoF.
In today's edition, we write on Ashneer Grover's third attempt at Third Unicorn in three years; and why investors are betting on India's AI-native travel startups...
The latest round gives ServiceNow Ventures an around 5% stake in the Noida-based company.
The startup will use the fresh capital for product development, AI and machine learning engineering, customer acquisition, go-to-market expansion, and working capital requirements.
The Mumbai-based startup will use the fresh capital primarily to scale its enterprise sales infrastructure and fund advanced research and development.
The company will use the fresh capital to expand its network of wealth creators, and enhance its AI-powered wealth management platform, among others.
The investment comes soon after Neo secured funding from TVS Capital earlier in March.
