A91 Partners, a Mumbai-based venture capital firm, aimed at investing in mid-stage startups, has closed their maiden Fund I at $351 million (approx ₹24,06 crore). The firm was incorporated by former Sequoia executives VT Bharadwaj, Abhay Pandey, Gautam Mago in 2018.
The announcement was made through A91 Partners official twitter account, which said, “Pleased to announce the close of A91 Fund I at $351M. We are excited about the opportunity ahead of us and look forward to partnering with founders building enduring businesses for tomorrow’s India.”
The firm is focused on making mid-stage investments, in Series B and C deals ranging between $10 million and $30 million. The team comes with an experience of investing and business building across a diverse set of consumer, healthcare, technology and financial services businesses.
In May, reports surfaced that A91 Partners has closed the fund at $350 Mn with investments from private life insurance companies, high-net-worth individuals, family offices and entrepreneurs in India, cited Inc42.
A91 Partners has already made investments in Mumbai-based make-up brand Sugar Cosmetics and Hector Beverages which owns popular drink brand Paper Boat.
It was further speculated that the fund will deploy as much as 65% of its capital to back consumer products and services firms, with the balance going into healthcare and financial services.
Adding on, some of the firm that invests in the startups are Indian Angel Investment, Y Combinator, Axilor, Ncuberoot, etc.