A91 Partners, a Mumbai-based venture capital firm founded by former Sequoia Capital India partners, has successfully closed its third India-focused fund at $665 million. This marks the firm's largest raise to date, reflecting continued investor confidence in India’s mid-market growth ecosystem.
Fund Details & Investment Strategy
- Fund Size: $665 million (₹5,500+ crore approx.)
- Previous Funds:
- Fund I (2019): $350 million
- Fund II (2021): $550 million
- Target Portfolio: ~15 companies
- Investment Ticket Size: $10 million to $50 million
- Sectors: Consumer, Financial Services, Healthcare, Manufacturing, and Technology
The fund is aimed at supporting growth-stage, mid-market companies that require patient capital and long-term strategic support.
Global Backing & IFC Involvement
A91’s third fund saw participation from a mix of global limited partners (LPs), including repeat support from the International Finance Corporation (IFC) — a member of the World Bank Group.
- IFC Commitment:
- Up to $35 million in equity investment
- An additional $30 million in co-investment capital
This makes it IFC’s third investment in A91, after similar participations in both Fund I and Fund II.
Portfolio Snapshot
A91 has built a strong portfolio across its previous funds, backing Indian brands that have scaled profitably. Some notable companies include:
- Atomberg Technologies (Smart appliances)
- Rare Rabbit (Fashion and lifestyle)
- Paper Boat (Beverages)
- Aye Finance (MSME lending)
- Ummeed Housing Finance (Affordable housing credit)
The fund will continue to focus on entrepreneurs building enduring, category-leading businesses in underserved markets.
Founders' Commentary
The firm, led by partners Abhay Pandey, VT Bharadwaj, and Gautam Mago, stated:
“We are incredibly grateful to both our investors and the founders that have partnered with us and continue to inspire and educate us. This fund will allow us to double down on our mission of backing India’s next wave of breakout brands.”
Broader VC Landscape
A91’s close comes amid a renewed momentum in India's venture capital space. Other firms like Accel and Bessemer Venture Partners have also raised new India-dedicated funds, signaling resurgent investor confidence despite global macroeconomic headwinds.
Final Word
With this fresh $665 million war chest, A91 Partners is well-positioned to deepen its presence in India’s thriving startup ecosystem. By backing companies beyond the early stage, the firm is filling a critical gap—providing growth capital to businesses ready to scale responsibly and sustainably.