Accel bets on IP-led advanced manufacturing companies
These companies harness engineering, scientific, or process innovations, backed by proprietary IP, system-level expertise, or integration skills.
"Accel's interest in advanced manufacturing deepened after witnessing the success of companies like Zetwerk, which effectively leveraged industrial AI, robotics, and hardware. The global trend shows traditional software-focused VCs are warming up to industrial, multi-dimensional startups.
The complexity here translates into durable moats, which is attractive for venture investment," said Prashanth Prakash, partner at Accel.
Domestic manufacturing is estimated to reach $1.3 trillion by the 2029–30 financial year, growing at a CAGR of 18%. In line with this opportunity, Accel is investing in advanced manufacturing startups—ranging from fabless chip design and EV components to space-grade materials and process automation.
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Portfolio companies such as Scimplify, Fabheads, Bounce, and Nabhdrishti are already driving innovations in embedded systems, materials science, and system integration.
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Prakash believes this decade will be defined by AI-driven industrialisation and precision manufacturing, with startups addressing complex supply chains, enabling import substitution, and positioning India as a global hub for IP-led manufacturing.
"While some small grants and seed funds exist, scaling products requires capital, which remains the main bottleneck beyond gestation time. Globally, investors are increasingly backing defence and manufacturing startups due to the moats built by complex systems, which are hard to replicate," he said.
Advanced manufacturing involves design, engineering, materials, software, and scalable production—commanding higher value and wages.
"Gestation times will shorten with the right capital and founders. In three years, we expect 50–100 advanced manufacturing companies in India, many crossing $100 million valuations," he added.
Capital flow into this space is expected to accelerate over the next 12–24 months as investors observe success stories and government schemes such as the Rs 10,000 crore R&D fund and design-led incentives (DLI) take effect.
India has also emerged as a leading alternative for global manufacturing destinations. Beyond geopolitical tensions, the concentration risk around critical inputs has become a significant concern.
China commands 60–70% of the global rare earth market, produces 80% of the world's solar PV modules, and dominates key supply chains in batteries and pharmaceutical APIs. This dependency has raised national security concerns, prompting countries to incentivise reshoring and nearshoring of critical industries.
When asked about Accel's investment blueprint, Prakash clarified that the firm is not carving out a separate fund yet. "But advanced manufacturing will be a major theme in our recently raised $650 million fund. We are also exploring accelerator-like initiatives such as Atoms. We currently have 4–5 companies in advanced manufacturing in our pipeline and expect about 10 active companies by the end of this year, all with market-ready products," he added.
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