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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 proposed debt fundraising comes only a few months after Aye Finance’s initial public offering (IPO).
The second fund has a target corpus of Rs 300 crore with a greenshoe option to raise up to another Rs 100 crore.
Early last year, Accel closed a $650 million early-stage fund for India and Southeast Asia.
The capital raise will enable the lender to grow presence in high-potential markets, among others.
Fresh from raising a $250mn fund, Fireside says it's not betting on AI models or power-law outliers, but on India becoming the AI use-case capital.
