March 23, 2015: Accel Partners known for backing the stalwarts of tech industry like Facebook and indian e-commerce tech giant Flipkart, is now announced it's plan of funding $305 million just for indian based startups.
Subrata Mitra, partner with the VC firm, said on the company blog: "The investment focus area will cover consumer, enterprise software, mobile, and healthcare businesses." This will be company's almost two times more fund allotment than their previous announcement in 2011.
The rapid growth in smartphone users in India, and it's huge population make it's natural place for investment for venture capitalists. Perhaps, a new 5% relief in corporate tax from Indian government in this Budget session also added some fuel in fire to attract investment.
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