This milestone validates Iron Pillar’s differentiated venture growth investment strategy…
Mumbai : – Iron Pillar, a venture growth investor, has announced the first close of Iron Pillar India Fund I (the “India Fund”), a Category II Alternative Investment Fund (AIF) registered with SEBI. The India Fund has secured capital commitments of INR 129 crores (approximately $20 million) of its targeted corpus of INR 200 crores (approximately $31 million). Iron Pillar leads Series B, C and D capital raises for VC backed technology companies in India that have demonstrated product-market fit, generated material revenues and sustained strong growth with meaningful unit economics.
The India Fund has also announced its first two investments, NowFloats – A leading SaaS company for India’s SMB sector and BlueStone – India’s #1 online jewelry brand. Over the next few years, funds managed by Iron Pillar expect to back approximately twelve technology companies that are building scalable global businesses out of India or businesses that are disrupting large sectors in India through innovation and proven execution.
“A significant first close of our maiden India Fund, coupled with our two initial investments, has provided investors significant visibility into our portfolio. It has also signaled successful proof of concept for Iron Pillar’s venture growth investment strategy, which is differentiated in the Indian market” said Sameer Nath, Managing Partner of Iron Pillar.
Participating in this first close were SIDBI (the apex financial institution for MSME and leading fund-of-funds house in India) and the IIFL Seed Fund (the largest private sector fund-of-funds in India, sponsored by India’s #1 wealth manager). Family offices of successful entrepreneurs also participated in this close. “In addition to backing early stage funds, SIDBI is keen to help build the mid-stage ecosystem for venture capital in India by supporting funds like Iron Pillar investing in innovation led MSMEs” said Ajay Kumar Kapur, Deputy Managing Director of SIDBI. “The lack of dedicated venture growth funds in India is a gap—and opportunity—which Iron Pillar is addressing in a unique way, working closely with leading early stage VCs and entrepreneurs” said Karan Bhagat, CEO of IIFL Wealth Management.
About Iron Pillar
Iron Pillar is a venture growth investor focused on leading Series B, C and D rounds of technology companies in India (with round sizes ranging from $10 million to $50 million). Headquartered in Mumbai with a presence in Mauritius, Palo Alto and Shanghai, the 6-member Iron Pillar founding team brings 116 years of combined experience in venture investing, technology M&A/exits and operations along with deep networks in Silicon Valley and China. For more information on Iron Pillar, please visitwww.ironpillarfund.com.