Date:26/09/11,
Venture Capital,
Domestic Fund,
Accel Partners, a Marquee silicon valley venture capitalist, best known for its early investment in Facebook, plans to raise $400 million India-focused fund due poor market conditions and increased competition among private equity investors in the country . Accel's proposed fund would have invested larger tranches of growth capital in mature business, unlike early stage venture funding it does in India currently. Accel Partners roped in prominent fund managers from biggies like DE Shaw, Apax Partners and Goldman Sachs to lead the India growth fund. A senior Accel Partners official confirmed rolling back plans for a larger fund in India. Accel, however, will continue making early stage investments in "category defining" start-up firms in the country. Accel has invested in multiple e-commerce start-ups riding the second wave of India's consumer Internet story. Accel's start-up funding has been in areas of technology, internet, education and biotech. Former India head of Apax Partners Neeraj Bharadwaj, Prateek Dhawan, who spearheaded private equity investments of Goldman Sachs, and Vineet Sachdeva from DE Shaw had boarded Accel Partners for its larger fund operations . Sources said Bharadwaj and Dhawan would continue with Accel for the time being at least. Sequoia Capital, another Valley investor and a peer of Accel, has a bigger play managing $1.4 billion fund in the country.
No comments:
Post a Comment