Fund profile / India

A91 Partners Fund III

Geography: India
Stage: Series B
Fund size: $665M
Focus: Deep Tech, E-Commerce and SaaS
Signals: Published

N°01 / About

About A91 Partners Fund III

A91 Partners Fund III is a venture capital firm based in India, focusing on Series B stage investments. The fund actively supports founders building innovative solutions in E-Commerce, Deep Tech, SaaS, providing strategic guidance and capital to help startups scale.

N°02 / Thesis

Investment Focus

Location / RegionIndia

Funding StageSeries B

Industry Focus

Deep Tech

E-Commerce

SaaS

Investor Signals Profile

active

Sweet Spot

India growth-stage founder, category-leading B2B or consumer

India Growth

Category Leaders

B2B Software

Financial Services

Consumer

Hardware (Energy-Efficient)

Beauty & Personal Care

Bullish Signals

Portfolio: Insurance, Software, Consumer Electricalsexternal

Active partner involvement, no passive capitalexternal

Firm-wide support on every dealexternal

5 years active, Fund II closedtwitter

New deals: FinBox, Shipsy, HealthKart, DaMENSCHtwitter

IC meeting in GIFT City — regulatory activetwitter

Beauty & personal care added to portfoliowebsite

Velocity over speed — conviction-led mandatewebsite

No ideal founder type — open archetypewebsite

Commitments not bets — long-term stewardshipwebsite

Governance focus — structured partnership approachwebsite

Customer comms software in active portfoliowebsite

Small team, shared beliefs — tight alignmentwebsite

Energy-efficient consumer electricals — hardware thesiswebsite

Partners to enduring businesses — long-term lenswebsite

Entire firm brought to every investmentwebsite

Customer engagement platform actively investedwebsite

Modern insurance partnerships in portfoliowebsite

Stewardship of capital creates differencewebsite

India's leading intercity bus brand portfoliowebsite

Six-company portfolio across software, consumer, fintechwebsite

Patient and active partners — core mandatewebsite

Contrarian Signals

India-only focusexternal

Small team — limited capacityexternal

Tweets rare, few public signalstwitter

Founder Do's

Build category-defining business in India

Show clear governance structures

Seek active, operational partners

Growth stage (not early-stage)

Embedded finance / credit infra welcome

Embrace patient, long-term stewardship model

Founder Don'ts

No pure pre-seed/idea stage

No non-India market focus

No passive investor expectations

34 signals on A91 Partners Fund III

22 bullish · 3 contrarian · 6 pitch do's · 3 don'ts, each with its source. From €9/month, cancel anytime.

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Facts

Fund Overview

Fund Size$665M

Saves0

Website

People

Key People

Abhay Andey, Vt Bhardwaj, Gautam Mago

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