18 June, 2020 / Published in Dossiers on PE-VC

A91 Partners

Funds managed

Fund name	Asset Class	License
A91 Emerging Fund I	Series-B and -C Small to mid-size	AIF Cat 2

Incorporation Date- 4th June 2019.
Inspired by how the Indian entrepreneurship has evolved over the last 25 years and possibilities for more years to come.

Key staff

Gautam Mago (General Partner)

Specialised in early-stage private equity investments.
Was the Managing Director of Sequoia Capital.
Have been board members in the companies like Belong.Co, Mad Street Den, Rupeek, Porter.in, Capital Float, Urban Ladder, OYO, MobiKwik, Bankbazaar, Star Health and Allied Insurance Co. Ltd and Unitedlex Corporation.
Have an MBA degree from IIM, Calcutta.

VT Bharadwaj (General Partner)

Specialised in early-stage private equity investments.
He led investments and was a board member in companies like Prataap Snacks (‘Yellow Diamond’), La Renon Healthcare, Indigo Paints, Go Colors, Hector Beverages, Healthkart, Suburban Diagnostics, Raw Pressery, Wingreen Farms, Innovcare Pharmaceuticals, Faces, Amogha Polymers, Urban Ladder and Genesis Colors.
Have an MBA degree from IIM, Ahmedabad.

Abhay Pandey (General Partner)

Specialised in early/first stage private equity investments.
He led investments and was a board member in companies like Prataap Snacks (‘Yellow Diamond’), La Renon Healthcare, Indigo Paints, Go Colors, Hector Beverages, Healthkart, Suburban Diagnostics, Raw Pressery, Wingreen Farms, Innovcare Pharmaceuticals, Faces, Amogha Polymers, Urban Ladder and Genesis Colors.
Have an MBA degree from IIM, Calcutta and B. Tech. in Computer Science and Engineering from IIT Bombay.
Brings his perspective from around 2 decades of experience of being a consultant (McKinsey & Co), investment banker (Merrill Lynch) and investor at Sequoia Capital to help dynamic entrepreneurs build their companies.
Inspired to work with those exceptional individuals and teams who are challenging established leaders in the market.
Focus on unit economics to understand the potential of the company during its first 5-7 years.

Targeted Sectors- Consumer goods & services, healthcare, financial services along with technology.
Inspired to invest into firms who they found potential in bringing disruption in the traditional business model.

Backed by International Finance Corporation.
According to them, the fund is targeted to support first generation entrepreneurs who can disrupt the traditional style of business model by bringing tech-enabled solutions.
Further, A91 Emerging Fund I will support SMEs that have reached an inflexion point and need capital in order to accelerate their growth
Raised $250-330 million in order to SMEs in India.
As per the World Bank’s investment arm, the investments will be preferred in the equity form which will not exceed 20% of the aggregate commitments.
Planned to invest in 10-15 companies that are in the early growth or late venture capital stage of development.
Targeted Sectors- Consumer goods & services, healthcare, financial services along with technology.
Ticket size- $5 and $30 million.

Title: Where do fund managers invest amid slowdown? A91’s Abhay Pandey answers, Source: Mint, Date: 17 march 2020

Mr. Abhay Pandey discusses that being with the increasing knowledge and awareness about AIFs, fund flow is not a problem, but the problem is excess funds at various different stages in the business.
He also adds that for the fund managers who are very closely observing and analysing the market already knew that this situation was going to come as it started giving its indication since past 4 quarters.
And therefore, while in such a situation of crisis, one must not only look into the sectors but analysing the sub-segments in the market would stand as a key to invest.
During the crisis situation like the one in COVID-19, social media tends to bring changes, while essential sectors remain to be least affected.

You seem to prefer sector-focused investments. Why so? What makes them attractive over others?
What is your investment philosophy?

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