VC fund (Cat II) · Curated list
A91 Partners
Growth (Series C+) · Financial services (non-tech) · Mumbai
At a glance
- Stage focus
- Growth (Series C+)
- Primary sector
- Financial services (non-tech)
- City
- Mumbai
- HQ / office
- Lodha Supremus, 1001/02, Dr E Moses Rd, Worli, Mumbai, Maharashtra 400018 (HQ). Second office: Hiranandani Signature Tower 211/212, Second Floor, Block 13-B, Zone 1, GIFT SEZ, GIFT City, Gandhinagar 382355, Gujarat.
- Fund registered
- 2019
- Investments on record
- 15
- Corpus (as reported)
- ~$1.5B total AUM (cumulative across three funds: Fund I ~$351M in 2019, Fund II $550M in 2021, Fund III $665M in April 2025; target had been ~$675M).
- Website
- a91partners.com
- Profile ↗
About
A91 Partners is a Mumbai-based independent growth/mid-stage venture capital firm founded in 2018 by three former Sequoia Capital India managing directors: Abhay Pandey, VT Bharadwaj, and Gautam Mago. It invests in Indian consumer, financial services, software/services, and healthcare companies, typically writing $10-50M cheques. It has raised three funds, with Fund III closing at $665M in April 2025 and total AUM around $1.5B.
Investment focus
Growth-stage / mid-stage investing (typically $10-50M per deal). Sectors: consumer, financial services, software/services (SaaS), and healthcare in India.
Cheque size
Typically USD 10M-50M per company (approx INR 80-400+ Cr), targeting ~15 companies per fund.
As compiled from public sources — verify with the investor.
SEBI registration
SEBI AIF Category II — reported as “Major VC / Cat II”
- IN/AIF2/19-20/0712
- IN/AIF2/19-20/0697
- IN/AIF2/21-22/0940
- IN/AIF2/21-22/0950
- IN/AIF2/24-25/1707
- IN/AIF2/24-25/1755
SIDBI Fund of Funds
None found (no Indian-govt/SIDBI LP evidence). Note: IFC (World Bank Group DFI) disclosed as an investor/LP in A91 Fund II — a development-finance, not Indian-government, relationship.
Notable portfolio
Digit Insurance (Go Digit); Exotel; Atomberg; SUGAR Cosmetics; Blue Tokai Coffee Roasters; Spacewood; Aptus Value Housing Finance; API Holdings (PharmEasy)
Team & organisation
Founded 2018 by Abhay Pandey, VT Bharadwaj, Gautam Mago (ex-Sequoia India); small partner-led team (3 founding partners plus investment staff).
Investment manager: 4Point9 Capital Advisors LLP. Funds (A91 Emerging Fund I/II/III LLP + A91 Partners Trust I/II/III) are SEBI Category II AIFs under SEBI (AIF) Regulations 2012; multi-fund, LLP-managed twin LLP+Trust structure.
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Frequently asked
- What does A91 Partners invest in?
- Growth-stage / mid-stage investing (typically $10-50M per deal). Sectors: consumer, financial services, software/services (SaaS), and healthcare in India.
- What cheque size does A91 Partners write?
- As compiled from public sources: Typically USD 10M-50M per company (approx INR 80-400+ Cr), targeting ~15 companies per fund.
- How do I pitch A91 Partners through iHub India?
- Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.
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About this record
- ⚑ Private VC firm (clean — not a government/DFI vehicle). Note: IFC (World Bank Group) was reported as a limited-partner investor in Fund III — this is normal LP participation and does NOT make A91 a DFI/government vehicle; the firm itself is privately owned and independently managed. Firm operates as both VC and growth equity, leaning toward mid/growth stage rather than pure early-stage seed.
Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.
Sources: https://a91partners.com; https://a91partners.com/about-us