Accel's $650Mn fund💰, Scaler 🤝🏻 AppliedRoots, Indian Apps record 200% increase▶

Accel raises $650 million, Scaler acquires AppliedRoots, Indian apps saw a 200% increase in amu, What is TAM?, Funding Deals & more.

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Mar 03, 2022

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Accel raises $650 million for the seventh fund💰

Accel, an early-stage venture capital firm that has backed the likes of Flipkart, Swiggy, Freshworks and Browserstack, said it has launched a $650-million seventh fund to back startups across India and Southeast Asia.

The total commitments for Accel in the region have now crossed $2 billion.

Famous for being an early Facebook backer, the Palo Alto-headquartered fund’s latest corpus will be the second-largest raised by a venture capital firm to invest in India and Southeast Asia after Sequoia India.

Accel’s big bet in cross-border enterprise software and the SaaS sector paid off with the Freshworks IPO on Nasdaq last year.

Ed-tech firm Scaler acquires online learning platform AppliedRoots👨🏻‍💻

Ed-tech firm Scaler has acquired online learning platform AppliedRoots for $50 million in a cash and stock deal.

The deal will enable it to strengthen its data science, Artificial Intelligence and Machine Learning capabilities.

Anshuman Singh and Abhimanyu Saxena, Founders of Scaler Academy

The acquisition, its third in the last 12 months, comes two months after it raised $55 million in Series B funding from investors led by Lightrock India. Last year, it acquired Coding Minutes and Coding Elements.

Launched in April 2019 by Anshuman Singh and Abhimanyu Saxena, Scaler’s parent entity InterviewBit commands a post-money valuation of $710 million.

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`What is TAM?`

The Total Addressable Market (TAM) or total available market is the overall revenue opportunity available to a product or service, considering 100% market share. It helps a business estimate the effort and funding required to service that size of the market. Further, based on the size of the market, it can prioritise specific products, customer segments and untapped business opportunities.

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Indian apps and games saw a 200% increase in active monthly users on Google Play▶

Indian apps and games saw a 200% increase in active monthly users on Google Play last year, compared to 2019.

“Indian apps and games have been receiving extraordinary interest from users, as well as investors,” said Purnima Kochikar, vice president, Play Partnerships, Google.

She was speaking at the launch of Appscale Academy, the company's initiative with MeitY Startup Hub, which is part of the Ministry of Electronics and Information Technology (MeitY) to drive innovation in the Indian app ecosystem.

In 2021, the time spent by users outside India on apps and games created by Indian companies grew by 150% compared to 2019, she added.