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A91 Partners closes $350-mn fund; Tiger Global may back neo-banking startup Open
Photo Credit: VCCircle

A91 Partners, a venture capital firm floated last year by former Sequoia Capital executives VT Bharadwaj, Gautam Mago and Abhay Pandey, has closed its maiden fund, a media report said.

The fund raised $350 million (Rs 2,460 crore), The Economic Times reported, citing two people aware of the development. 

The report said that A91 has raised dollar commitments of $280 million and a rupee-denominated corpus of $70 million from Indian backers. 

The fund's foreign LPs include International Finance Corporation, Asia Alternatives, Adams Street and Swiss-based LGT Capital Partners. Its Indian investors include insurance companies and family offices, the report said.

The fund was floated in July 2018. Earlier this year, IFC said it would invest $25 million in the fund.

The fund will invest in the consumer, healthcare, financial services and technology sectors. It will write cheques of $10-30 million, the report said.

In another development, The Times of India reported that digital banking platform Open Financial Technologies Pvt. Ltd is in talks to raise a Series B round of funding led by New York-based investment firm Tiger Global Management and Apoletto Asia, an investment vehicle of DST Global’s partners.

Citing two people in the know, the report said Open could raise up to $60 million (Rs 420 crore), with Tiger Global investing at least $30 million.

The company is seeking to sell a 25% stake at a post-money valuation of $150 million, the report said.

Open was launched by former Citrus Pay executive Anish Achuthan and offers a technology layer over traditional banking products, enabling customers to access banking services through their mobile phones. It raised Rs 32.4 crore in February in a Series A round led by BeeNext, along with 3one4 Capital and Speedinvest. 

Meanwhile, used-cars marketplace Cars24 is in the final stages to raise $70-80 million in a round of funding to be led by existing investors Sequoia Capital, Kingsway FCI Fund and KCK Global, The Economic Times reported, citing three sources aware of the development.

The existing investors are likely to put in $45-50 million while potential new investors are likely to contribute the rest of the amount, the report said.  

Separately, the Mint newspaper reported that Macquarie Infrastructure and Real Assets aims to exit its seven-year-old investment in roads platform Ashoka Concessions Ltd.

Ashoka Concessions is a platform that owns and operates toll-earning road assets. The Macquarie fund had acquired a 34% stake in Ashoka Concessions for $150 million in 2012. 

Ashoka Concessions is 66% owned by Ashoka Buildcon. It holds six operational build-operate-transfer toll projects, one operational BOT annuity project and seven under-construction hybrid annuity projects.

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