The new fund follows the firm's seventh India fund secured in March 2022. Accel ' which has backed companies including e-commerce group Flipkart, food delivery platform Swiggy, and software group Freshworks ' has established itself as India's most successful venture firm, serving as the first institutional investor in its portfolio companies. The firm wrote the first institutional cheque for Flipkart at a $4 million post-money valuation ' an investment that has since surged in value, with Flipkart now worth more than $36 billion. Partner Anand Daniel led Swiggy's seed round at a $2m pre-money valuation. Swiggy went public in November in what was the largest global technology IPO of 2024, at a valuation of $11.3 billion. The Indian startup dynamics has changed a lot since Accel first entered more than a decade ago. A key shift has been the increasing number of public listings, addressing previous criticisms. More than half a dozen Accel-backed Indian companies, including...
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