The company will become part of Indian classified advertising business Info Edge following the deal.
Toostep’s online portal allows users to ask experts questions, debate with each other and gives recruiters the ability to post jobs through search engines and social media.
Accel last invested in India two months ago after picking up a large minority stake in film and event ticketing website Big Tree Entertainment in an $18m deal.
The company set up India’s first entertainment ticketing company in 1999 with the backing of Chase Capital Partners.
Accel is understood to have paid about $12m to Network18 for a minority stake in Big Tree, followed by another investment in a separate primary share issue of about $6m.
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