IFC proposes $25m commitment to Indian VC firm A91 Partners’ second fund

The International Finance Corporation (IFC), a member of the World Bank Group, has proposed a $25 million commitment, with an equivalent amount in co-investment envelope, in the second fund of Indian venture capital firm A91 Partners.

In its disclosure, IFC said A91 is targeting $500-550 million in commitments for A91 Emerging Fund II to invest in 15-17 companies in consumer, financial services, healthcare, and technology sectors.

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.

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 Economic Times reported.

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.

The firm’s second fund is nearly 50% larger compared to its maiden one that raised $351 million in July 2019.

Last 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.

IFC said the fund increases access to equity and value creation for small- to mid-cap companies in India.

A91 Fund II is continuing the value creation strategy of Fund I by supporting first-generation entrepreneurs, providing both capital and active management support, including mentorship and building systems to institutionalise company operations.

“Market creation is delivered through strengthening the integration of the PE market in India. Beyond the project, IFC anticipates that the fund will continue to support an increase in the share of institutional capital in the investor base of the Indian PE market,” IFC said.

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.