Indian venture capital fund A91 Partners is close to raising $350 million in funding for its debut fund, exceeding its initial target of $290 to $300 million.
So far, A91 has closed the fund with dollar commitments of $280 million, while almost $70 million of the corpus was rupee denominated from Indian backers.
With the new capital raised, A91 will further the firm's focused on making mid-stage investments, in Series B and C deals of between $10 and $30 million.
The fund, expected to close official paperwork in the coming week, will focus on consumer, healthcare and financial services, real-world businesses and technology-enabled real-world businesses.