U.S. venture capital firm Accel Partners has closed a $155 million fund, Accel India III, that will make seed and early stage investments in Indian startups.

This is Accel’s third India fund.

Accel, which has previously invested in 34 Indian companies, said the latest fund had attracted top tier institutional investors from North America, Europe and Asia.

The fund intends to focus on Internet services, digital media, SaaS and enterprise technologies, mobile, healthcare and education and other high-growth sectors.

Accel executives say that while traditional venture capital and growth equity have been increasingly drawn to India over the past several years, seed and early stage markets were still under-served.

Accel Partners’ Indian investments include Internet startups such as Flipkart, Myntra, Letsbuy, HealthcareMagic, Babyoye and Exclusively.in.

With offices in Bangalore and Delhi, Accel Partners has eleven investment professionals based in India, led by four partners: Mahendran Balachandran, Shekhar Kirani, Subrata Mitra and Prashanth Prakash.

Despite all the investments supposedly flowing into Indian startups lately, we’ve yet to see even a single Indian company make waves on the international landscape, either in the consumer space or in the business segment.

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