A91 Partners

A91 Partners is a Mumbai-based growth-stage Indian fund backing mid-market companies across healthcare, consumer, and financial services. Stage focus is Series B, Series C, and growth with checks in the $10M to $25M range, and AI is not flagged as a primary focus. Healthcare interest spans pharma and therapeutics, wellness and consumer health, and digital health, with a portfolio orientation toward businesses that have crossed the Series B inflection point and are scaling toward IPO or strategic acquisition. The right founder for A91 is the CEO of a maturing Indian healthcare or healthtech business with $10M+ in revenue or equivalent gross profit metrics, clear path to scale, the governance maturity to absorb institutional growth capital, and a credible exit story typically through Indian listing on NSE or BSE. The wrong founder is a Series A or earlier company, a regulated medtech hardware company without scale traction, or a US-based founder without an Indian operating thesis. Intro paths run through Mumbai’s institutional capital community including investment banks active in Indian healthcare such as Avendus, Kotak, JM Financial, and ICICI Securities, frequent co-investors and follow-on partners including ChrysCapital, Multiples, TPG Growth, Bain Capital India, and KKR India, and through A91’s existing portfolio CEOs. Direct outreach to A91 partners is acknowledged but the firm’s deal cadence is overwhelmingly relationship-driven. In the pitch, lead with audited financials, the use of proceeds tied to specific scaling levers including geographic expansion, M&A consolidation, or new product lines, and a clear-eyed view of the path to Series D, pre-IPO, or IPO. Be specific about CDSCO, NPPA, NMC, ANVISA-equivalent posture for any pharma exposure, and the rapidly evolving Indian regulatory environment. Show that you understand the difference between Tier-1 metropolitan and Tier-2 and Tier-3 Indian healthcare markets and the unit economics of each. Caveats include the long diligence cycles typical of growth-stage Indian capital, the governance bar that catches many founder-led businesses unprepared, and the increased competitiveness of Series C and growth rounds in 2024-2025 which has compressed timelines. For maturing Indian healthcare businesses, A91 is a credible institutional partner with strong follow-on capacity.