Venture capital firm A91, floated by former Sequoia managing directors, has invested USD 1.45 million in health beverage maker Paper Boat.
According to a Ministry of Corporate Affairs filing accessed by Inc42 of Hector Beverages, the parent company of Paper Boat, the company issued 10 million compulsorily convertible debentures to 4Point9 Capital Advisors LLP on preferential basis at Rs 10.
The A91 Partners Fund is managed by 4Point9 Capital Advisors LLP. It has been structured for overseas and domestics LPs with a Mauritius-based A91 Partners Fund and an India-based A91 Partners Trust.
A91 Partners was floated by former senior executives from Sequoia Capital in 2018. The company with a maiden fund worth INR 2,000 Cr had announced its plans to begin investing from early 2019. It is planning to invest about USD 10 million – USD 30 million, especially in Series-B stage startups.