Palo Alto, US based venture capital firm Accel Partners is planning to raise between $600 million and $700 million for its sixth India fund. Top partners from Accel were recently in the US to meet limited partners (LPs) for possible investments, according to a report by the Times of India citing two sources briefed on the matter.

Accel, which closed its last India fund at $450 million in December 2016, will raise much bigger fund than the previous one and the new fund will be used by the VC firm to sign larger cheques and also to keep investing more in portfolio companies that are doing well.

Citing one of the two sources, the ToI report further said that Accel plans to get more aggressive in growth deals and writing larger cheques for both new and existing companies besides their continuing focus on seed deals.

While the final size of the fund is still being decided, and Accel could end up raising more than its stated intention, said two people briefed on the matter. Accel has already registered multiple entities for the fund with US regulator SEC.

The new fund comes after Accel made a successful multi-bagger exit from e-commerce firm Flipkart, when in last year Walmart acquired a majority stake of 77% in Flipkart for $16 billion last year. Accel had invested $1 million in Flipkart in 2009 and thereafter $100 million in Flipkart over the years and made a total of over $1.2 billion when the sale happened, making a return on investment of more than 100%.

Known for its early bets in Facebook, Dropbox, Slack and Flipkart, last invested in India when it co-led the $13.2 million funding round of Valuedrive Technologies, which owns and operates used car retailing platform Spinny, in June this year.

In December last year, Accel Partners (US), along with Switzerland-based Syngenta Ventures and Neoplux, co-led US$35 million series B round of funding of Ninjacart, a Bangalore-based agri-marketing platform that connects farmers with retailers.

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