A91 Partners, the India-based VC firm founded by former Sequoia execs, has announced closure of its latest India focused fund. At $665 million (over ₹5650 crore), it is among the largest India-focused funds closed by a VC in recent times.
This will be A91’s third fund close in its six year history. The firm had debuted back in 2019 with a $350Mn close, post which it closed another $550Mn for its second fund in 2021. A91 joins the likes of Accel and Peak XV, both of which also recently closed their respective India focused funds. And while Accel retained its fund size and Peak XV reduced theirs, A91 has increased its fund size compared to previous two closes.
In a post on LinkedIn, the firm said, “We started A91 in 2018 with the following beliefs – patient capital will play an important role in accelerating value creation in Indian businesses across sectors. We also believed in the opportunity to create a world-class Indian investment firm – for founders who are aiming to build large enduring businesses from India. All these beliefs have been strengthened over the last 6 years.”
At the time of debut, the fund’s LPs include Asia Alternatives, Adams Street, Swiss firm LGT Capital Partners, with some insurance companies and family offices making up for their Indian investors. It is expected that some of these LPs have invested in the current fund as well. For its latest fund, the firm has raised money from World Bank’s IFC as well, along with others. IFC invested around $35 million in A91’s latest fund having previously put in close to $25Mn in each its previous funds.
A91 writes cheques in the range of $20-50 million for founders. It has largely focused on the consumer space, with notable investments being Clothing brands ‘House of Rare’ and ‘DaMENSCH’ among others.
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