New Delhi, April 22 -- Growth-stage investment firm A91 Partners, known for backing companies like nutrition platform HealthKart, fan manufacturer Atomberg, and coffee brand Blue Tokai, has announced the final close of its third fund, securing commitments totaling nearly $665 million (Rs 5,662 crore).

With this latest fundraise, A91's total assets under management have crossed $1.5 billion. The Mumbai-based firm previously raised $350 million for its debut fund and $550 million for its second fund in 2021.

As reported by VCCircle last month, A91 had been targeting $675 million for its third vehicle. It secured a major commitment from offshore limited partner International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group. In a recent disclosure, the returning LP announced plans to invest $35 million in A91's third fund, along with a co-investment envelope of up to $30 million for portfolio companies. IFC had previously invested $25 million in each of A91's first two funds.

Email queries sent to the firm remained unanswered till the time of publishing this article. However, in a LinkedIn post, A91 said, "We are incredibly grateful to both our investors and the founders that have partnered with us and continue to inspire and educate us."

Founded in 2018 by former Sequoia Capital executives Abhay Pandey, V.T. Bharadwaj, and Gautam Mago, A91 has so far backed over two dozen companies, including Digit Insurance, Inshorts, Sugar Cosmetics, and Exotel.

"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 believed in the opportunity to create a world-class Indian investment firm - for founders who are aiming to build large enduring businesses from India. All these beliefs have been strengthened over the last 6 years," A91 said.

The company focuses on providing growth capital to small and mid-sized companies in sectors such as consumer, financial services, healthcare, manufacturing, and technology. Its new fund is expected to invest between $10 million and $50 million in around 15 companies.

Published by HT Digital Content Services with permission from VC Circle.