Accel has raised US$650 million for its eighth India fund to strengthen its presence in the South Asian, following its seventh fund launch in March 2022.

The firm has played a key role in India’s startup ecosystem, being an early investor in companies like Flipkart, Swiggy, and Freshworks.

Notably, Accel invested in Flipkart at a US$4 million valuation, with the company now worth over US$36 billion.

By 2022, Accel’s top-performing portfolio companies had a combined valuation exceeding US$100 billion.

The firm is diversifying its investments, focusing on rural India and smaller cities.