Accel, an early backer of Flipkart, Swiggy, and Urban Company, has raised $550 million for its ninth India fund, about 15% lesser than its Fund VIII as the venture capital firm looks to continue to focus on investments in deeptech, manufacturing, and AI. It joins a list of large venture firms in India that have downsized their latest funds amid a reset in the industry due to fewer local opportunities in the artificial intelligence (AI) space.