Mid-stage VC Iron Pillar marks first close of maiden India fund at $20m

Mumbai-based mid-stage investor Iron Pillar Capital Management Ltd has marked the first close of its maiden India fund Iron Pillar India Fund I with commitments of Rs 129 crore ($20 million).

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.

The targeted corpus for the maiden India fund, a Category II Alternative Investment Fund (AIF) registered with SEBI, has been set at Rs 200 crore (around $31 million), the company said in a statement.

For its first close, the fund has attracted investors like SIDBI and the IIFL Seed Fund, along with the family offices of successful entrepreneurs, names of which were not disclosed.

The India fund has also announced its first two investments — in SaaS company NowFloats and online jewellery retailer BlueStone.

“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 signalled successful proof of concept for Iron Pillar’s venture growth investment strategy, which is differentiated in the India market,” said Sameer Nath, Managing Partner of Iron Pillar.

In the next few years, the investment firm plans to invest in around 12 companies “that are building scalable global businesses out of India or businesses that are disrupting large sectors in India through innovation and proven execution”, the company said.

Launched in early 2016, Iron Pillar Capital was founded by former Morgan Creek director Anand Prasanna, former Citigroup India Investment Banking head Sameer Nath, and former DFJ India Head Mohanjit Jolly. Apart from India, it has presence in Mauritius, Palo Alto, Shanghai, and Singapore.

“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 entrepreneur,” said Karan Bhagat, CEO of IIFL Wealth Management.

Earlier this year, it was reported that Chinese conglomerate Fosun International Ltd has entered into a strategic partnership with Iron Pillar to target opportunities in India. The partnership would help Fosun use Iron Pillar’s knowledge and sourcing opportunities to strengthen its foothold in India.

Also Read:

Fosun, VC fund Iron Pillar tie up for India tech investments

India: NowFloats Technologies gets $10m funding from Iron Pillar, IIFL, others

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.