A91 Partners has just wrapped up its third fund at a massive $665 million — a big win for the firm and a strong signal that patient, founder-focused investing in India is paying off.
Founded in 2018 by Gautam Mago, Abhay Pandey, Kaushik Anand, and VT Bharadwaj — all former partners at Peak XV (earlier Sequoia Capital India) — A91 was built on a simple but powerful belief: that India needed a homegrown investment firm focused on long-term value and relationships, not just short-term wins.
In a heartfelt note on LinkedIn, the team reflected on their journey:
“We started A91 in 2018 with the following beliefs — patient capital will play an important role in accelerating value creation in Indian businesses across sectors. We also believe in the opportunity to create a world-class Indian investment firm — for founders who are aiming to build large enduring businesses in India. All these beliefs have been strengthened over the last 6 years.”
And it shows. Over the years, A91 has quietly built an impressive portfolio that reads like a who’s who of India’s new-age brands: Sugar Cosmetics, Digit Insurance, Paper Boat, Inshorts, Exotel, and Healthkart, to name just a few. They’ve backed everything from craft coffee (Blue Tokai) to energy-efficient appliances (Atomberg) and homegrown skincare (Plum). Many of these brands have become household names, and some — like Digit Insurance — have even gone public.
But what sets A91 apart is its approach. They’re not just writing cheques — they’re in it for the long haul. Whether it’s guiding startups through the tricky scale-up phase or helping navigate the global investor landscape, the A91 team is known for being hands-on, thoughtful, and deeply committed to the founders they partner with.
That trust has extended to global investors too. The International Finance Corporation (IFC), part of the World Bank Group, is looking to invest up to $35 million into A91’s third fund, with another $30 million earmarked for potential co-investments — a strong vote of confidence.
With Fund III, A91 plans to double down on what it does best: backing ambitious Indian entrepreneurs with capital, insight, and a whole lot of belief. As India’s startup ecosystem continues to mature, firms like A91 are proving that doing things the right way — with patience, purpose, and people-first thinking — can lead to something truly extraordinary.
