A91 Partners closes third fund at $665 million

BENGALURU: A91 Partners has closed its third fund at $665 million, joining a recent wave of a handful India-focused venture firms raising larger pools of capital amid rising global interest in the country’s private markets.

Launched in 2018 by four former Sequoia Capital India (now called Peak XV Partners executives), A91 invests across sectors such as consumer, healthcare, financial services and industrials. The firm typically backs growth-stage startups with cheque sizes ranging from $10 million to $50 million. It has previously invested in companies including Digit Insurance, Atomberg Technologies and Push Health.

In a LinkedIn post announcing the fund close, A91 said it remained committed to backing Indian entrepreneurs over long investment horizons. “We started A91… with the belief that patient capital will play an important role in accelerating value creation in Indian businesses,” the post read.

The close of Fund III follows other sizable raises in India’s venture ecosystem. Accel announced a $650 million India and Southeast Asia-focused Fund VIII in January 2025, its largest to date. In November 2024, Stellaris Venture Partners closed a $300 million third fund, continuing its strategy of backing early-stage companies in SaaS, consumer internet and fintech.

While overall venture funding into Indian startups declined through much of 2023 and early 2024, investor appetite for institutional VC funds has remained strong. Several global limited partners continue to see India as a long-term bet, especially in segments where domestic consumption, digitisation and infrastructure shifts are driving business formation.

With Fund III, A91 is among the larger India-dedicated capital pools currently active in the market, as firms sharpen focus on fewer, higher-conviction bets with clearer paths to profitability.