A91 Fund II (IFC-45858)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 28, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 48.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 7, 2022

Disclosed by Bank Sep 13, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, this project "proposes an equity investment of up to US$25 million, not exceeding 20% of total Commitments with an equivalent amount in co-investment envelope, in A91 Emerging Fund II LLP (the “Master Fund” or “A91 II”), a limited liability partnership constituted under the Limited Liability Partnership Act, 2008 through A91 Partners Trust II (“GIFT Fund”), a trust formed in Gujarat International Finance Tec-City, registered with the International Financial Services Centre Authority (“IFSCA”) under the SEBI Alternative Investment Funds (“AIF”) Regulations 2012, as a Category II Alternative Investment Fund (together known as the “Fund”)."

The Master Fund is a limited liability partnership constituted under the Limited Liability Partnership Act, 2008 in India.                        

The Master Fund is targeting US$500-550 million in commitments to invest in 15-17 companies in consumer, financial services, healthcare and technology sectors.     

The Gift fund, through the Master fund, will primarily invest in established companies in India or having nexus with India. Potential sectors of exposure would include consumer goods and services (food, home and personal care, consumer service, retail etc.), financial services (specialist lending, saving, insurance etc.), healthcare (consumption driven pharma and healthcare services) and technology (software products and services).      

Project level outcomes are delivered through increasing access to equity and value creation for small to mid-cap companies in India. A91 Fund II is continuing the value creation strategy of Fund I by supporting first-generation entrepreneurs, providing both capital and active management support, including mentorship and building systems to institutionalize' company operations.

Beyond the Project, IFC anticipates that the Fund will continue to support an increase in the share of institutional capital in the investor base of the Indian PE market, particularly through greater involvement of large institutional investors in the small to mid-cap market segment. This signal is important to attract investors that will support the Indian PE market to become more self-sustained.


The bank documents state that the fund will be required to not invest in any higher risk activities that may include involuntary resettlement, risk of adverse impacts on Indigenous Peoples, significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, or significant occupational health and safety risks.

The fund will not invest in any coal-related project or any financial institution other than low-medium risk.

The E&S risk of the proposed investment is medium, and the project is categorized as FI-2 according to IFC's Policy on Environmental and Social Sustainability. The applicable performance requirements will be i) the IFC- FI Exclusion List; ii) the relevant national E&S laws and regulations; and iii) the IFC Performance Standards.   

The main E&S risks and impacts of the project derive from the E&S risks associated with the fund's sub-projects/portfolio companies. The typical risks areas will include labor and working conditions, occupational health and safety, supply chain risk, air emissions, waste management, handling of hazardous materials, and management of third party/contractors.



Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC's additionality consists of: (i) own account equity; (ii) non-commercial risk mitigation. A9I II is receiving strong interest from investors having already received soft commitments from existing and new LPs. However, A91's Fund I is still relatively early in its life with no exits, limiting the fund manager's ability to demonstrate a robust track record. The sustained support from a significant strategic investor such as IFC provides a signal of confidence in the fund manager that is still proving track record. As such, IFC's support will help the Fund reach its target final close size of US$500 million and a proposed co-investment facility will enable A91 II to scale the capital commitment into its portfolio companies.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund will be managed by 4Point9 Capital Advisors LLP (“Fund Manager” or “A91 Partners”), an Indian limited liability partnership. The Fund’s sponsor is Ashoka91 Sponsor LLP (“Sponsor”), an Indian limited liability partnership. The Fund will engage A91 Partners to carry out certain investment management and administrative duties. The Fund Manager is led by VT Bharadwaj, Gautam Mago and Abhay Pandey.                                                  

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

A91 Emerging Fund II LLP
VT Bharadwaj
General Partner


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