Indian VC firm A91 Partners secures final close of second fund at $525m: Report

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Venture capital firm A91 Partners, floated by former Sequoia Capital executives, has reportedly reached the final close of its second fund by garnering $525 million in capital commitments.

The sponsors or limited partners in the fund include the Canada Pension Plan Investment Board and financial services major Allianz group, The Economic Times reported. The firm has also brought on board a few new endowment funds.

A91 Partners has already deployed $250 million of the second fund across 11 investments so far. While A91 will continue to cut cheques averaging $30 million, it may also look to support more technology firms through its latest fund, the report said.

A91 was set up by VT Bharadwaj, Abhay Pandey, and Gautam Mago, all of whom left Sequoia in 2018 to launch the fund. The firm is focused on making mid-stage investments, in Series B and Series C deals of $10-30 million. Its target sectors include consumer goods and services, healthcare, financial services, and technology.

The firm’s second fund is nearly 50% larger compared to its maiden one that raised $351 million in July 2019. From the first fund, its investments include Sugar Cosmetics, consumer appliance startup Atomberg Technologies, and Hector Beverages, the owner of health beverage brand Paper Boat.

This June, A91 Partners invested in the $6 million funding round of cloud telephony platform Exotel. In March, the firm invested $41 million in location-based social network public app.

A number of India-focused venture capital firms have reached major milestones in their fundraising efforts recently.

Earlier this week, venture capital firm Prime Venture Partners secured $75 million in the first close of its $100 million fourth fund. Last week, financial services firm Avendus achieved the first close of its Future Leaders Fund II with aggregate commitments of about $78 million (Rs584 crore).

Stellaris Venture Partners has also closed its second fund at $225 million, much higher than it had planned, supported by existing limited partners or backers as well as other global institutions.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.