A91 Partners Research
Investment Thesis
A91 Partners is a Mumbai-based growth equity firm founded in 2018 by Abhay Pandey, VT Bharadwaj, and Gautam Mago, three investors who previously worked together at Sequoia Capital India. The firm's stated mission, drawn from its homepage, is to be "partners to enduring businesses for tomorrow's India." A91 backs founders building category-leading companies across consumer, financial services, software, and industrial technology, with a strong bias toward India-focused business models rather than global or purely technology-first plays. The firm describes its operating tenets as: speed matters, but velocity matters more; being patient and active partners; treating stewardship of capital as a differentiator; making commitments rather than bets; believing founders come in all forms with no single 'ideal' type; and bringing the entire firm, not just one partner, to every investment.
Sector Focus
A91's portfolio spans a wide range of sectors reflective of a generalist India growth-equity strategy: consumer and D2C brands (beauty, apparel, food and beverage), financial services and insurance, enterprise software and SaaS, logistics, and industrial/deep-tech manufacturing. Recent activity also shows an expansion into AI infrastructure and data services with its investment in Deccan AI, a US-based post-training data and evaluation startup serving frontier AI labs.
Stage Focus
A91 primarily invests at Series B and Series C, positioning itself as a growth-stage investor for companies that have already found product-market fit in India. Public reporting on Fund III (IFC's disclosure) describes typical commitments of $10M-$50M across roughly 15 portfolio companies, consistent with a concentrated, growth-stage strategy. The firm also does selective early-stage and pre-IPO/secondary transactions, as seen in its 2019 Series A lead in Atomberg and its 2026 follow-on into SUGAR Cosmetics ahead of a potential public listing.
Check Size
Typical check size is estimated at $10M-$50M based on Fund III's stated deployment plan (IFC disclosure), though the firm has also written smaller checks historically (e.g., its original 2019 Series A into Atomberg) and larger, board-level commitments in later rounds.
Recent Activity
A91 closed its third and largest fund, A91 Partners Trust III / A91 Emerging Fund III, at $665M in April 2025, pushing total AUM across its three funds past $1.5B. The firm has continued deploying actively into 2026: it led a $25M Series A in Deccan AI (announced March 2026), participated in a ₹144.5 crore follow-on round for existing portfolio company SUGAR Cosmetics (September 2026), and is a large selling shareholder (21% stake, largest shareholder) in Atomberg Technologies' 2026 IPO process, having led Atomberg's original Series A in 2019.
Portfolio Highlights
Notable current and past portfolio companies include Atomberg Technologies (smart appliances, now IPO-bound), SUGAR Cosmetics, Blue Tokai Coffee Roasters, Rare Rabbit, MoEngage, Exotel, Go Digit General Insurance, Niva Bupa Health Insurance, HealthKart, Inshorts, GIVA, DaMENSCH, Shipsy, Aye Finance, and Kaar Technologies, among roughly 30+ other consumer and enterprise businesses. A91 has backed several companies that have since pursued or completed public listings, including Go Digit and, pending, Atomberg.
Team
- Abhay Pandey, General Partner — co-founder, previously at Sequoia Capital India
- VT Bharadwaj, General Partner — co-founder, previously at Sequoia Capital India
- Gautam Mago, General Partner — co-founder, previously at Sequoia Capital India
- Ruchi Khajanchi, CFO
- Kaushik Anand, Partner
- Prasun Agarwal, Partner
- Krunali Shah Pinjani, Investor
- Shivani Agarwal, Investor
- Prathamesh Jain, Investor
- Ananga Rana, Investor
- Anooj Vikam, Investor
- Aakash Shankar, Investment Analyst
- Abhinav Singh, Investment Analyst
- Nesara S R, Investment Analyst
- John Tarun George, Investment Analyst
Decision Process
A91 operates as a partnership of three General Partners plus a broader deal team of Partners, Investors, and Investment Analysts. The firm's stated culture ('bring the entire firm to every investment, not just an individual partner') suggests investment decisions are made collectively rather than by a solo GP.
Founder Preferences
A91 states that 'founders come in all forms, there is no ideal type,' suggesting an emphasis on business fundamentals and execution over founder pedigree. The portfolio shows a preference for founders building branded, category-defining consumer and financial-services businesses tailored to the Indian market, alongside technical founders in software and industrial technology.
Geographic Focus
A91 is squarely focused on India, with offices in Mumbai (Worli) and Gandhinagar, Gujarat (GIFT City). Its one notable exception is Deccan AI, a Bay Area-headquartered company with a India-based delivery workforce, reflecting some willingness to back founders with global platforms and India-linked operations.