Overview

• A99 plans to begin active fundraising in the coming months and to start deploying Fund III from around April 2026 after the first close, with no greenshoe option.
• The fund targets early-stage companies building manufacturing and infrastructure solutions, guided by four pillars spanning IP-led manufacturing, ancillaries, factory digitisation, and infrastructure-led enablers.
• Cheque sizes are set at roughly INR 20–80 crore (about $5–10 million), with an aim to back approximately 12–15 startups from pre-Series A to pre-/Series B.
• About 20% of the corpus is reserved for follow-on rounds, leaving roughly 80% for new investments.
• Investments will concentrate in India, and the firm cites a track record that includes a $1 million debut vehicle in 2021, Fund II expanding to ~INR 105 crore via a greenshoe, and a reported 7x exit from Futurice UK.