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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.
The fund will primarily target seed and Series A startups, with a focus on companies building practical AI-powered applications for consumers and enterprises.
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 strategic investors and operators, including growth leaders from Anthropic and Chime, the CTO of HubSpot, and the founders of Eppo and Vapi.
The funding round also saw participation from Uppekkha.
The round also saw participation from existing and new investors including Accel, BoldCap, Nexus Venture Partners, Premji Invest, and Unbound.
The round also saw participation from existing investor Titan Capital Winners Fund.
The round also saw participation from Valiant Fund, Think Investments, PhonePe founder Sameer Nigam, and Airtel family office member Zubin Bharti Mittal, among others.
The funding round also saw participation from Sameer Brij Verma and Sandeep Singhal, Industrial47, and existing investor Singularity AMC.
The Seattle and Pune-based startup will use the fresh capital to strengthen its AI capabilities, among others.
The funding round also saw participation from GrowthCap Venture Fund.
The funding round also saw participation from CDM Capital, AC Ventures, Operators Studio, and several angel investors from India and the US.
Nandan Nilekani will back F2A as an anchor investor, similar to his involvement with Fundamentum Partnership.
Cheque sizes are expected to range between $500,000 and $3 million.
The startup plans to use the fresh funds to expand its team and enhance product capabilities among others.
The venture capital firm expects to receive majority of the capital for the fund from foreign LPs.
The fresh capital will be used to scale manufacturing, strengthen its AI and autonomy stack, expand deployments across India, and enter international markets.
The second fund has a target corpus of Rs 300 crore with a greenshoe option to raise up to another Rs 100 crore.
The round also saw participation from existing investors Lightspeed and Z47.
