Accel India raises $60 million in its second round of funding.
The funds were collected from institutional investors across North America, Europe and Asia. The money will be used to back 30 early stage companies over the next four years.
"Accel India is pleased to have gained the support of our industry's elite investors. The Accel India team is already functioning as a key element of our Accel global network, to the benefit of talented, passionate entrepreneurs in India and around the world," said Accel partner Peter Wagner.
Accel India Venture was formed after Accel merged with Erasmic in July 2008. The organisation currently invests in technology-related firms, such as those specialising in internet, mobile, media, life sciences, consumer products and services.
Accel maintains offices in Palo Alto and London, as well as in China via its IDG-Accel partnership. The $4 billion fund has offered assistance to over 300 companies, including Comscore, Facebook, Jboss, Kayak, Macromedia, Metropcs, Polycom, Realnetworks, Redback, Remedy, Uunet and Veritas.
"We have seen a significant increase in entrepreneurial activity in the last few years; many are first time entrepreneurs who find significant value in our team's experience in hands-on company building beyond just the cash investment," explained Subrata Mitra, a partner at Accel India