Accel Partners has raised $450 million for its 5th India fund, reports Mint. The fund will be deployed early next year in areas like internet, enterprise software, financial technology, B2B and healthcare. The VC firm will invest in seed and early stage startups in India along with follow up and late stage investments in its existing company portfolio. Its previous fund was $325 million, whereas the first and second funds were $70 million each. Collectively, Accel India’s previous 4 funds have amounted to $560 million. This year, the firm has invested in Freshdesk, Moglix, Zenoti, BlueStone, FactorDaily, Swiggy, Ninjacart, Juspay and Power2SME among others, and exited from EduPristine. Tech funds this year: This year, multiple firms launched funds which would be used for internet, technology, electronics and IOT among others: YourNest launched a $45 million fund startups in technology, Ideaspring Capital launched a $18.7 million fund, Entrepreneurship & Venture Capital (EVC) announced a $50 million fund for Indian startups, IDG Ventures India launched an India-focused tech fund with a target amount of $200 million and Nokia Growth Partners announced a new $350 million fund IV to invest in IoT companies in the US, Europe, India and China. Government's startup funds The Indian government also said it would spend $75.34 million on the ‘startup ecosystem’ in the next few years. The Karnataka state government also announced funds worth $57 million through Startup Karnataka. Funds for other sectors Despite the focus on internet, SaaS and technology companies raising investments, multiple VC firms launched funds for other sectors like…
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