A91 Partners marks final close of new fund at $550 mn

A91 Partners, a venture capital firm floated by former Sequoia Capital executives, has marked the final close of its second fund at $550 million (Rs 4,095 crore).  

VCCircle reported in November last year that the growth-stage investor was gearing up to roll out the fundraising process for its second vehicle.  

“We are incredibly grateful to both our investors and founders that have partnered with us, and continue to inspire and educate us every day,” tweeted Gautam Pandey, partner at A91 Partners.  

The fund will primarily invest in 15 to 17 established companies in India or those having a nexus with India in sectors such as consumer goods and services (food, home and personal care, consumer service, retail, etc.), financial services (specialist lending, saving, insurance, etc.), healthcare (consumption-driven pharma and healthcare services) and technology (software products and services).  

“We believed in the opportunity to create a world-class Indian investment firm for founders who are aiming to build large enduring businesses from India, for either local or global markets. All these beliefs have been strengthened over the last three years,” Pandey added.  

In September, International Finance Corporation (IFC), the World Bank’s private-sector investment arm announced an equity investment of $25 million for the fund.  

A91 Partners was floated in 2018 by former Sequoia Capital executives VT Bharadwaj, Gautam Mago and Abhay Pandey. The trio left Sequoia Capital between June 2017 and August 2018.  

In August, VCCircle reported A91 Partners is in advanced discussions to invest in homegrown cycle brand Outdoors91 (previously known as Frog).   

The venture capital fund also reportedly invested in Soothe Healthcare, which offers sanitary napkins under the brand name Paree.    

In February, the investor backed healthy snacks-maker Happilo. A91 Partners has also backed spices maker Pushp, Aye Finance, consumer-tech firm Atomberg Technologies, beverage brand Paper Boat, and make-up brand Sugar Cosmetics.  

This year has seen a number of venture capital firms such as Chiratae Ventures and Stellaris Venture Partners announcing fundraising milestones for their new funds. Others such as Blume Ventures and Alkemi Venture Partners have kickstarted processes for their new vehicles.