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Accel to raise $60 mn for investing in India

Accel to raise $60 mn for investing in India
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First Published: Thu, Nov 13 2008. 05 12 PM IST
Updated: Thu, Nov 13 2008. 05 12 PM IST
PTI
New Delhi: Venture capital firm Accel India today said it would raise $60 million to invest in the country’s high growth sectors, including technology, media and consumer products services.Accel Partners, Venture capital, Erasmic Venture Fund
The venture fund, which would invest in seed and early stage opportunities in India, has attracted top tier institutional investors from North America, Europe and Asia, Accel India said in a statement.
“The fund will pursue a multi-sector strategy, targeting opportunities in technology, technology-enabled services, media, life sciences and other services which are on high-growth sectors of the Indian economy,” it said.
Seed and early stage markets continue to be under-served in India, attracting less than 5% of the total venture capital funds, it added.
Earlier this year, Accel Partners had acquired Bangalore- based Erasmic Venture Fund to set up operations in India.
Accel, established in 1983, has over $4 billion asset under management.
“Accel would be the first institutional investor in a new venture, and would play an active role in supporting the management to shape the portfolio company’s direction,” the statement said.
“The Accel India team is already functioning as a key element of our Accel global network, to the benefit of talented, passionate entrepreneurs in India and around the world,” Partner at Accel Partners Peter Wagner said.
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First Published: Thu, Nov 13 2008. 05 12 PM IST