Boost for startups in India: VC firm Accel Partners raises $550 million for new fund
Increased internet access and a growing middle class have led to a boom in startups in India. Japan`s Softbank Group Corp has said it expects to invest up to $4 billion in the country over the next two years.

Silicon Valley venture capital firm Accel Partners said on Monday it had raised $550 million for a new India-focused fund aimed at backing early-stage startups in the country. Accel launched in India in 2005 and has invested in several leading startups including online retailer Flipkart, which was bought by Walmart Inc last year. The firm counts Facebook Inc and Spotify Technologies among its marquee global investments.
Increased internet access and a growing middle class have led to a boom in startups in India. Japan`s Softbank Group Corp has said it expects to invest up to $4 billion in the country over the next two years.
"With a robust digital infrastructure firmly in place (and expanding rapidly), we expect digital adoption in India to only accelerate," Accel said in a statement.
"We see this trend playing out not only in categories like food delivery, digital payments, and e-commerce, but also across sectors like agritech, education, insurance, logistics, healthcare, real estate, and manufacturing."
Watch Zee Business Live TV below:
The latest fund is Accel`s 6th for India. The firm raised $450 million in 2016.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

Fixed Deposit Rates for 1 Lakh Investment: Compare SBI, PNB, HDFC, ICICI, and Post Office 3-year FD returns

Income Tax Calculations: What will be your tax liability if your salary is Rs 8 lakh, Rs 14 lakh, Rs 20 lakh, and Rs 26 lakh?

Top 7 SBI Mutual Fund MFs by One-time Investment Return: Rs 1 lakh has grown to Rs 2.85 lakh-3.48 lakh in 5 years; see list, compare SIP returns

Monthly Pension Calculations: Is your basic pension Rs 25,000, Rs 35,000, or Rs 50,000? Know what can be your total pension as per latest DR rates

Power of Compounding: How long it will take to build Rs 8 crore corpus with Rs 7,000, Rs 11,000 and Rs 16,000 monthly investments
12:19 PM IST