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A91 closes $351 milllion fund

The fund’s limited partners or sponsors in the fund include the likes of The International Finance Corporation and Asia Alternatives, with others like Adams Street and Swiss-based LGT Capital Partners also participating.

ET Bureau|
Jul 10, 2019, 08.28 AM IST
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The fund has received dollar commitments of $280 million, while almost $70 million of the corpus is rupee-denominated from Indian backers, as reported earlier.
Mumbai: A91 Partners has closed a $351million fund, the Mumbai-based firm said on Tuesday, one of the largest maiden domestic funds raised by Indian general partners. A91 will invest the capital across consumer, healthcare, financial services and technology companies. It has already backed the likes of Hector Beverages — the maker of Paper Boat beverages — and cosmetic brand Sugar, and will cut cheques of $10-$30 million.

ET was the first to report the fund closure in its May 14 edition "Over the next three years, we expect to partner with 12-15 founders running high-growth businesses in capital-efficient sectors,” said Abhay Pandey, general partner at A91 Partners.

Pandey, along with VT Bharadwaj and Gautam Mago, set up A91 last year after they quit leading venture capital fund Sequoia Capital. They have backed companies like craft beer brand Bira, maker of Fogg deodorant Vini Cosmetics, hospitality chain OYO and Prataap Snacks, among others.

The fund’s limited partners or sponsors in the fund include the likes of The International Finance Corporation and Asia Alternatives, with others like Adams Street and Swiss-based LGT Capital Partners also participating.

The fund has received dollar commitments of $280 million, while almost $70 million of the corpus is rupee-denominated from Indian backers, as reported earlier.
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