Explore the latest news, in-depth reports, and executive analysis tagged with #Fundraising.
The approvals follow the company's board clearance on September 17 and shareholder approval at an extraordinary general meeting on October 14.
It has also raised its hard cap to Rs 3,500 crore following strong investor demand.
The fund is targeting a total corpus of Rs 1,500 crore, including a green-shoe option, with NABARD as its anchor investor.
The new fund has received commitments from Play Capital, a Nordic Fund of Funds (FoFs) and family offices such as Eraya, Twin & Bull Investments and Heritage Investments.
The Bengaluru-based fund is targeting a corpus of Rs 150 crore, with a Rs 50 crore greenshoe option.
The venture capital firm has already deployed more than Rs 100 crore across seven startups, including EtherealX and Zebu Intelligent Systems.
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.
