A91 Partners Closes USD 665 Mn Third Fund, Bolstering India's Mid-Stage VC Landscape The fundraise closely follows earlier reports that the International Finance Corporation (IFC), a member of the World Bank Group, was evaluating a USD 35 million commitment, along with a potential USD 30 million co-investment.

Mumbai-based venture capital firm A91 Partners has announced the final close of its third fund at USD 665 million, further cementing its position as a major player in India's mid-stage investment ecosystem.

The fundraise closely follows earlier reports that the International Finance Corporation (IFC), a member of the World Bank Group, was evaluating a USD 35 million commitment, along with a potential USD 30 million co-investment. Although the initial target was USD 675 million, A91 concluded the fund slightly below that mark.

In a statement on LinkedIn, A91 said, "We are incredibly grateful to both our investors and the founders that have partnered with us and continue to inspire and educate us." Founded in 2018 by former Sequoia Capital India directors Abhay Pandey, VT Bhardwaj, and Gautam Mago, A91 focuses on Series B and C rounds, typically investing between USD 10 million and USD 50 million.

The firm's investment philosophy emphasises long-term, patient capital to help build enduring Indian businesses. Over the years, A91 has backed a diverse portfolio including Akshayakalpa (organic dairy), Blue Tokai Coffee Roasters, Sugar Cosmetics, and Go Digit General Insurance, which went public in 2023.

A91's latest fund close adds momentum to a buoyant Indian venture capital market. Earlier this year, Accel raised USD 650 million for its eighth India fund, while Bessemer Venture Partners launched a USD 350 million India-focused fund in March.

The closing of A91's Fund III reflects growing global investor confidence in India's expanding mid-stage startup ecosystem and underscores the rise of homegrown VC firms dedicated to scaling India's next generation of market leaders.