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.
“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.