Accel launches $350 m India start-up fund

Accel Partners, the venture capital firm that has backed the likes of Facebook and Flipkart, is launching a $305-million India-focused fund to capitalise on the country’s favourable conditions for start-ups.

The investment is almost double the size of Accel’s last such fund – launched in 2011- and will target technology business in the consumer, enterprise software, mobile and healthcare sectors, the Silicon Valley-based firm said.  A rising number of smartphone users, cheaper Internet and a vast middle-class have turned India into one of the hottest markets for investors such as Accel, Singaporean wealth fund Temasek Holdings and Japan’s Soft Bank Corp, fuelling growth of technology start-ups including Flipkart, Snapdeal and Ola.