Venture capital firm Accel said it has dispatched a pre-seed funding program called Atoms where it will put $250,000 in early-stage startups.
This ought to be uplifting news in a market that was progressively preferring huge funding adjusts for a couple of firms as of late.
Silicon Valley-based Sequoia likewise runs a comparative rapid scale-up program in India called Surge under Sequoia Capital India.
Nonetheless, Accel will make investment through Atoms as an “uncapped convertible note”, implying that it will change over into value just in the following round of the startup’s funding. It said that even early-stage startups that don’t yet have an item, clients or income can in any case apply for the Atoms program.
Molecules, driven by Prayank Swaroop, will put resources into startups from a bunch of portions including D2C brands, buyer applications, B2B commercial centers, fintech, online protection, SaaS, and healthtech among others.
Accel Atoms is important for the 6th Accel reserve, worth $550 million, which the firm had declared in December 2019.
The firm said it has put resources into a couple of startups yet is looking to installed more startups following a public dispatch of the Atoms program. By means of the program, it is hoping to move startups in India and Southeast Asia.
“We can join any round that a startup is raising for example on the off chance that a startup is intending to raise $500K from holy messengers, we can be essential for that $500K or we are alright to add $250K to the $500K round and make it $750K. We don’t change the provisions of their $500K round, truth be told, our investment will be a $250K uncapped convertible,” Accel said in a press proclamation.
Accel has had a productive history of recognizing promising startups in India and sponsorship them. Its portfolio incorporates unicorns like Urban Company, Freshworks, Flipkart, Swiggy, Mindtickle, Zenoti, BrowserStack, Chargebee, Moglix, Eruditus and Zetwerk.
Other than unicorn startups, Accel has likewise made early-stage investments in 2021 which incorporate Mensa Brands, Captain Fresh, Fashinza, Powerplay and CreatorStack.
2021 has been a stupendous year for Indian startups up until this point. 25 new unicorns have as of now been stamped so far this year, and more startups could join the pined for list before the year attracts to a nearby. Alongside the tremendous raising support have come various ways out for financial backers going from holy messengers to VC’s to PE reserves.
That, coupled with Zomato’s effective IPO alongside numerous different startups remaining in line to open up to the world including Paytm, Nykaa and PolicyBazaar marks a momentous transitioning for India’s startup environment for founders and financial backers.
Last week, Prime Venture Partners declared its fourth asset of $100 million with a first close of $75 million to put resources into early-stage startups. Recently, Stellaris Venture Partners said it has raised $225 million for its subsequent India-devoted asset. Prior to that, Chiratae Ventures had shut its fourth asset at $337 million. In January, Mirae Asset dispatched an early-stage centered asset for startups in the country worth $35 million.