A91 PARTNERS
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Ummeed Housing Finance raises Rs 630 cr equity
Ummeed Housing Finance raises ₹630 crore in Series F round from investors including A91 Partners LLP and existing investors. Funds to be used for expansion in central and southern India.
Skincare brand Foxtale raises $18 million from Panthera Growth, others
Direct-to-consumer (D2C) skincare brand Foxtale has raised nearly Rs 150 crore in the latest funding round. It will use the capital mainly for expanding into newer categories, founder Romita Mazumdar told us. The company will foray into body care category which includes products like lotions and body wash, she added.
IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
How investors struck gold in the new-age IPO boom
In the last month, several new-age companies backed by venture capital, have or are set to hit the public markets. This has resulted in a gold rush for their investors. Travel tech platform Ixigo is set to go public next week, while insurtech firm Go Digit and coworking startup Awfis have already listed on the exchanges in the past one month. Their investors, including Peak XV Partners, Elevation Capital, ChrysCapital and TVS Capital and A91 Partners, are sitting on multiple returns from some of these investments.
Brands by scions attract VC money; Ola Electric layoffs
Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in today’s packed edition of ETtech Morning Dispatch.
VC funds take a shine to new gen’s D2C brands
Direct-to-customer (D2C) startups founded by scions of traditional business families are raking in venture funding across sectors like food, apparel, and wellness. Investors see these entrepreneurs' deep understanding of the business and connections in the supply chain ecosystems as a recipe for modernising legacy businesses.
Sports apparel maker Technosport raises $25 million in funding from A91 Partners
Bengaluru-based Techno Sportswear raises $25 million from A91 Partners for its performance wear brand Technosport, marking its first fundraise.
Xponentia, A91 Partners &360 ONE Asset invest $100 mn in Sedemac Mechatronics
Sedemac Mechatronics, founded by Professor Shashikanth Suryanarayanan at IIT Bombay, announced a $100 million investment led by Xponentia Capital Partners, A91 Partners, and 360 ONE Asset.
Go Digit’s D-Street debut; Honasa Consumer Q4 financials
Shares of Go Digit General Insurance started trading on the stock market Thursday. More on this in today’s ETtech Top 5.
Nikhil Kamath, Manyavar family office may join A91 in Rare Rabbit’s Rs 500 crore funding
Bootstrapped till now, Rare Rabbit clocked revenue of over Rs 600 crore in fiscal 2024, with an operating profit of more than Rs 100 crore, as per sources in the know. Along with Rare Rabbit, the brand's parent company Radhamani Textiles also owns women's premium fashion brand Rareism and everyday wear brand Articale.
Go Digit IPO commands healthy GMP as Street awaits one of the most sought after issues this year
In the unlisted market, the company's shares are commanding a healthy premium of Rs 50 in the unlisted market. The company has priced the IPO in the range of Rs 258-278 per share
Go Digit IPO: Price band for Virat Kohli-backed Rs 2,615 crore IPO announced
Go Digit IPO: Bengaluru-based insurtech start-up Go Digit General Insurance on Friday announced that its Rs 2,615 crore IPO, which will open on May 15 and close on May 17, will have a price band of Rs 258 to Rs 272 per share.
Go Digit IPO to open on May 15; Virat Kohli, Anushka Sharma not selling shares
Go Digit General Insurance's IPO, opening on May 15 and closing on May 17, includes a fresh share issue of Rs 1,125 crore and an OFS of 54,766,392 shares. Promoter Go Digit Infoworks, Virat Kohli, Anushka Sharma offload stakes.
WeWork to sell 27% stake in India unit via Rs 1,200 crore secondary deal
Embassy group to sell additional 13% stake in WeWork India’s latest funding round, according to people in the know of the matter.
FLY91 partners with IBS Software for commerce platform
FLY91, India's youngest regional airline, has teamed up with IBS Software to enhance its commercial operations with a modern reservation system. This partnership aims to offer a convenient and cost-effective air travel option for underserved routes in India. By leveraging IBS Software's technology, FLY91 plans to provide dynamic pricing and expand its services to connect smaller cities, benefiting both passengers and airline partners.
VCs in reset mode amid exit pressure; and other top tech & startup stories this week
While VCs haven’t really been busy closing deals over the past year or so, their performance has surely come under increased scrutiny as limited partners (LPs) or sponsors of funds ask for cash returns. The Indian venture market, which is now 15 years old, has been exit-starved and a prolonged downturn has exposed the state of the industry very clearly.
A91 Partners on track to raise its largest fund at $700-750 million
A91 Partners, launched in 2018, debuted with a $350 million maiden fund. Just three years later, they scaled up significantly, securing $550 million for their second fund, targeting both late-stage venture and early-growth investments. This will be among the fastest scaleups in terms of fund size for a domestic investment fund.
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