In a significant development, Bangalore-based early stage investment firm Erasmic Venture Fund has merged with Silicon Valley based Accel Partners, whose portfolio counts companies like Brightcove, Facebook and WalMart.com. The merged entity will form the vehicle for the India entry of the US based Accel, which currently has offices in Silicon Valley, Europe, Israel and China.

Erasmic’s current partners - Subrata Mitra, Prashanth Prakash, Mahendran Balachandran and Gagan Kumar - will join as partners of Accel India Venture Fund.

The focus of the fund remains the same. Accel India will focus on early-stage venture investing, delivering active, hands-on strategic and operational guidance in partnership with entrepreneurs, the fund said. Erasmic, in which search giant Google (NSDQ: GOOG) has invested as a limited partner, has a portfolio of companies such as Mu Sigma, Inbiopro, HolidayIQ, Kaati Zone, Myntra, Sconce, Virident, among others. More on the story here on VCC.