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Accel Partners join hands with Erasmic to launch Accel India Venture Fund

Bangalore-based early stage investment firm Erasmic Venture Fund
has merged with Accel Partners, a leading venture capital firm that operates in US, Europe, Israel and China. The new entity will be called Accel India Venture Fund, which will be raising a $60 million fund later this year, reports VC Circle.

Bangalore-based early stage investment firm Erasmic Venture Fund
has merged with Accel Partners, a leading venture capital firm that operates in US, Europe, Israel and China. The new entity will be called Accel India Venture Fund, which will be raising a $60 million fund later this year, reports VC Circle.

Following the merger, all the four partners of Erasmic Venture Fund — Subrata Mitra, Prashanth Prakash, Mahendran Balachandran and Gagan Kumar — will be joining Accel India Venture and managing the new fund as partners.

Accel India Venture Fund will seek to work with India’s best entrepreneurs from the very earliest stages of the new venture creation process. This will include seed-stage investing as well as investments in growing companies that have already begun their operations.

The Fund will pursue a multi-sector strategy, targeting opportunities in Technology, Technology-enabled Services, Internet, Mobile, Media, Life Sciences, Consumer Products and Services, and other high-growth sectors of the Indian economy.

“Accel sees a tremendous need and opportunity for an active, highly-engaged approach to early-stage investing in India,” Peter Wagner, partner, Accel Partners, has said. Accel’s portfolio include BitTorrent, comScore, Facebook, Glam Media, Kayak, Macromedia, Netopia, Realnetworks and Walmart.com.

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