A91 Partners closes third funding round with $665 million following

According to Tracxn, the firm has a total of 34 companies under its portfolio that spans across India, US and Singapore.

Mumbai-based Venture Capital firm A91 Partners has closed its third funding round with $665 million.

In a LinkedIn post, the company stated, “Today we are pleased to announce the closing of $665M A91 Fund III. 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 Abhay Pandey, VT Bharadwaj, Gautam Mago, the firm has steadily scaled its fund sizes. It raised $351 million in its first funding round in July 2019 followed by a $550 million second fund in 2021.

According to Tracxn, the firm has a total of 34 companies under its portfolio that spans across India, US and Singapore. This includes companies such as Exotel, Freshworks, Plum, Giva, Paperboat, EatClub and HealthKart.

Funding

A91’s funding closure follows after a funding slowdown seen last year. In 2024, VC funding activity dropped by 35 per cent to $2.7 billion due to investors holding back on capital deployment with piled up dry powder reserves according to a report by Bain & Company and the Indian Venture and Alternate Capital Association (IVCA). This is in comparison to the $4 billion raised in 2023 and a record $8 billion raised in 2022.

Despite the funding freeze, A91 Partners joins a list of other venture capitalist firms that have secured large funding this year. As reported in the past by businessline, Accel, raised $650 million in its eighth India-focused fund. On the other hand, Bessemer Venture Partners launched its second India-focused fund of $350 million. Cornerstone Ventures and Prime Venture Partners, both domestic firms have also raised large funds, at $200 million and $100 million respectively. Meanwhile, smaller funds of $30-50 million were raised by others like Eximius Ventures and SamVed VC since the start of this year.

(With inputs from bl intern Nethra Sailesh)

Published on April 22, 2025