BENGALURU:
A91 Partners
, a private equity firm set up by three former managing directors at
Sequoia
Capital India, has closed a $351-million maiden fund to invest in mid-market companies in areas like consumer, financial services, healthcare and technology. The firm will put in $10-30 million at a time, focusing on growth capital investments.
The firm has raised about 20% of the corpus from local investors like family offices and institutions, while the remaining 80% has come from endowments and fund of funds like Adams Street Partners, IFC and Asia Alternatives.
A91 was set up last year by
V T Bharadwaj
,
Gautam Mago
and
Abhay Pandey
— all three of whom had quit Sequoia Capital India between 2017 and 2018. The three had backed companies like hospitality major
Oyo
, snacks company
Prataap
and beer company
Bira
during their stint at Sequoia, the largest venture firm by assets in the country.
A91 has already closed two deals — cosmetics brand Sugar and Hector Beverages, which makes
Paper Boat
brand of drinks. The firm plans to build a portfolio of 15-20 companies.
“We are interested in companies which are serving middle India and can be meaningfully large,” Bharadwaj told TOI.
Ready to Master Stock Valuation? ET’s Workshop is just around the corner!
Start a Conversation
Post comment