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Accel Partners, Erasmic Venture Fund launch Indian fund28/07/2008. Source: AltAssets. 
 Venture capital firm Accel Partners has joined with Indian seed and early stage investment group Erasmic Venture Fund to establish the Accel India Venture Fund. The fund will focus on seed stage investing and investments in companies in the technology, technology-enabled services, internet, mobile, media, life sciences, consumer products and services sectors.
Accel India Venture Fund will be managed by four EVF partners, Subrata Mitra, Prashanth Prakash, Mahendran Balachandran and Gagan Kumar. They will also join Accel as partners of the new fund.
Accel partner Peter Wagner said, 'Accel sees a tremendous need and opportunity for an active, highly-engaged approach to early stage investing in India. We are thrilled to be working with Subrata, Prashanth, Mahendran and Gagan, who have demonstrated their ability to add significant value throughout a new venture's growth, beginning at its very earliest stages.'
EVF has invested in Indian technology companies including Mu Sigma, Inbiopro, HolidayIQ, Kaati Zone, Myntra, Sconce and Virident.
Accel has offices in Palo Alto, London, Bangalore and also China via the IDG-Accel partnership. The firm closed its tenth fund, Accel X, on $520m, in December 2007.
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