BENGALURU: The country’s start-up ecosystem is increasingly becoming driving force behind the country’s economic progress, with VC-backed companies crossing $50 billion in public market capitalisation, said Shekhar Kirani, Partner at Accel.
He said Indian founders have built resilient and enduring businesses which have been embraced by public markets. Global VC firm Accel, which raised a $650 million early-stage fund, on Monday said it will focus on sectors including AI, consumer, fintech and manufacturing.
Accel’s early-stage scaling program, Accel Atoms, has supported 36 start-ups that have collectively raised $200 million. In past two years, the firm has invested in 27 AI start-ups in India or by Indian-origin founders. Accel, operates in India since 2008, has invested in firms including BookMyShow, Flipkart, Freshworks, Cure.fit, Mensa Brands, Myntra, Swiggy and Urban Company, among others.
“Over the next decade, we are poised to add more to our GDP than we have in our economic history. The surface area of the opportunity for Indian founders to build and scale businesses that deliver large-scale impact is huge,” said Prayank Swaroop, Partner at Accel.