The International Finance Corporation (IFC), part of the World Bank Group, is evaluating a potential investment in A91 Partners’ third fund, according to a recent disclosure on IFC’s website.
IFC is considering a direct investment of up to $35 million, with an additional $30 million allocated for co-investments. A91 Partners, a Mumbai-based venture capital firm, is targeting a total corpus of $675 million for its latest fund. The fund’s primary focus will be on small and mid-sized companies operating across consumer goods, financial services, healthcare, manufacturing, and technology. It aims to support approximately 15 companies, with investment sizes ranging from $10 million to $50 million per deal.
Founded in 2018, A91 Partners has a history of backing emerging businesses and previously raised $350 million in its debut fund and $550 million in its second fund. The firm has actively invested in brands across diverse sectors, including coffee, masala, and home appliances. Notably, it led a $30 million Series B funding round for Blue Tokai Coffee Roasters.
A91 Partners’ portfolio boasts prominent names such as Digit Insurance, news aggregator Inshorts, cosmetics brand Sugar, software solutions provider Exotel, and FMCG players like HealthKart, Paper Boat, and Plum. One of its key portfolio companies, Go Digit General Insurance, successfully went public last year.
With its latest fundraising efforts, A91 Partners continues to expand its footprint in India’s thriving startup ecosystem, while IFC’s potential investment underlines the growing global interest in supporting high-growth ventures in the country.
