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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.
More than 65% of the commitments for the first close came from overseas Limited Partners (LPs), or investors.
Talking about his fund, LPs, investment strategy, Cedar Hill Capital's founder Sahil Anand said raising capital remains challenging.
The shares were acquired by a mix of domestic mutual funds, insurance firms and global institutional investors.
The stake sale attracted participation from several domestic and international institutional investors, with Axis Mutual Fund and Fidelity among the key buyers.
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 latest sale follows another transaction in June, when Peak XV divested 33.33 lakh shares of Go Digit for around Rs 100 crore.
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.
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 company will use the fresh capital to expand its network of wealth creators, and enhance its AI-powered wealth management platform, among others.
The funding round saw participation from SIG Tattva and Trifecta Capital.
KuhlTherm will use the fresh capital to accelerate product development, and strengthen its R&D and testing infrastructure, among others.
The fund will primarily target seed and Series A startups, with a focus on companies building practical AI-powered applications for consumers and enterprises.
Fund III will invest across sectors, with a strong focus on consumer technology, fintech, and businesses leveraging artificial intelligence.
The round also saw participation from All In Capital, Unisol, iSeed, and angel investors including Soumith Chintala, Adarsh Kulkarni, Ashish Kulkarni, and Vaibhav Domkundwar of Better Capital.
The round also saw participation from Razorpay Ventures, GrowthCap Ventures, and Atrium Ventures, along with angel investors including Kunal Shah (CRED), among others.
The venture capital firm had raised Rs 600 crore for its second fund and was expecting to hit the first close of the third fund this year.
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