A91 partners announces record $665 million fund for growth-stage startups

A91 Partners, the investment firm known for backing popular startups like HealthKart, Blue Tokai, and Giva, has announced the first close of its third India-focused fund, raising a record-breaking $665 million — its largest fund so far. This highlights the strong and steady interest from investors in India’s growing startup ecosystem.

This new fund arrives nearly four years after A91 raised $550 million for its second fund, which supported 15-17 companies. A91’s maiden fund was launched in 2019 with a corpus of $351 million.

Founded in 2018 by former Sequoia Capital executives V.T. Bharadwaj, Gautam Mago, and Abhay Pandey, A91 Partners focuses on growth-stage investments across sectors like consumer goods, financial services, healthcare, and technology.

In a LinkedIn post, the firm expressed gratitude to its investors and the founders it works with, reaffirming its belief in patient capital to drive long-term value creation in Indian businesses.

Portfolio highlights include well-known names like The House of Rare, Akshayakalpa Organic, Eat Club, Happilo, Atomberg, Paper Boat, FinBox, and Ummeed Housing Finance.

A91 Partners now joins a wave of investment firms — including Accel, Prime Ventures, Stellaris Ventures, and Bessemer Ventures — that have raised funds recently to tap into India’s thriving startup market. India Quotient is also reportedly raising its largest fund to date, targeting $130 million.

Meanwhile, some other firms are adjusting their fund sizes. Blume Ventures plans to maintain its next fund at around $290 million, while Peak XV Partners cut its massive $2.85 billion India and Southeast Asia fund by $465 million last year to lower its capital costs.