Growth (Series B-D) fund research profile
A91 Partners is a growth-stage India investor built around a team-led model rather than a single-partner franchise. Its portfolio spans consumer brands, financial services, healthcare, technology and durable businesses serving India’s expanding middle class.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
A91 Partners uses a growth (series b-d) approach across Consumer, healthcare, fintech, tech.
Current evidence
A91 closed Fund III at $665M, with IFC separately disclosing a proposed commitment and co-investment envelope; public reporting names Digit Insurance, Blue Tokai, Atomberg, SUGAR Cosmetics and other positions.
Bundled fund series
Related manager and vehicle records are shown here as one fund family. The original source trails and vehicle-level caveats remain preserved in the research record.
A91 Partners Fund 3
Vintage / record year: 2025
Strategy
Growth (Series B-D)
Sector focus
Consumer, healthcare, fintech, tech
AIF structure context
Indian venture capital and angel-fund strategies are commonly structured as Category I AIFs. Verify the specific vehicle and registration before investing.
Current signal
A91 closed Fund III at $665M, with IFC separately disclosing a proposed commitment and co-investment envelope; public reporting names Digit Insurance, Blue Tokai, Atomberg, SUGAR Cosmetics and other positions.
Investor questions
A91 Partners is covered in Rupeia's venture capital research universe. The current public record describes the strategy as Growth (Series B-D), with a sector focus of Consumer, healthcare, fintech, tech. The profile should be read with the linked source trail and Typical route: Category I AIF context.
The profile displays only company or asset names attributable to A91 Partners in the reviewed public sources: Digit Insurance, SUGAR Cosmetics, Blue Tokai, Atomberg, HealthKart, Aye Finance, Awfis, MoEngage, FinBox, Spacewood Furnishers, One publicly attributable Fund III deployment identified: Spacewood Furnishers. It does not represent a complete current portfolio unless the manager has published one.
A91 announced a final close of Fund III at approximately $665M in 2025. Public reporting also identifies listed or late-stage outcomes across companies such as Digit, Awfis and SUGAR; no audited firm-wide return figure is disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Fund III closed at approximately $665M in 2025; the 2019 Fund I was reported at $350M.. Public terms or access information: Growth investing, generally from Series B through later rounds, with an emphasis on building enduring Indian businesses; India-specific cheque ranges are not consistently disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names V T Bharadwaj, Gautam Mago, Abhay Pandey (ex-Sequoia). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review stage concentration, follow-on reserves, company failure rates, dilution, exit timing and the gap between paper valuations and realised distributions. The current open diligence point is: DPI from Funds I-II; concentration policy Vehicle-level differences from A91 Partners Fund 3 are retained in seriesRecords; the directory publishes one manager-level record..
2025-04-22: A91 closed Fund III at $665M, with IFC separately disclosing a proposed commitment and co-investment envelope; public reporting names Digit Insurance, Blue Tokai, Atomberg, SUGAR Cosmetics and other positions.
Next step
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