A91 Partners closes its largest fund at $665 million
venture capital
firm
A91 Partners
has announced the close of its Fund-III at $665 million – making it the investor's largest ever fund.
ET had first
reported
about A91 Partners' plan to raise capital in March 2024. The firm has backed the likes of Blue Tokai Coffee, Rare Rabbit, Paperboat and Atomberg.
This is among the fastest scaleups in terms of fund size for a local
investment fund
amid. For its maiden fund in 2018, A91 Partners had raised $350 million, followed by a $550 million investment vehicle in 2021.
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Founded by former Sequoia Capital India (now
Peak XV Partners
), partners Abhay Pandey, VT Bharadwaj and Gautam Mago, A91 Partners focuses on investing in companies across technology, consumer and financial services.
'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 six years,' A91 Partners said in a LinkedIn post.
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The massive fund close by A91 Partners comes in the backdrop of several venture firms adding to their dry powder. Tech investor
Accel India
, an early backer of Flipkart and Swiggy, closed a $650 million fund in January.
Venture capital firms continue to hold significant unallocated money from funds raised over the past two years. Early-stage investor Stellaris Venture Partners closed a $300 million fund in November 2024, while Peak XV Partners, Lightspeed Venture Partners, and 3one4 Capital also hold large reserves.
Matrix Partners
India (now known as
Z47
) had also closed a $550 million fund in 2023.
This trend reflects broader dynamics in the Indian venture capital ecosystem. In 2024, Bluestone investor IvyCap Ventures, former KKR India CEO Sanjay Nayar's Sorin Investments and climate-focused Avaana Capital also announced sizable fund closures.
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