Fosun agrees strategic partnership with India’s Iron Pillar
Chinese conglomerate Fosun International has entered a strategic partnership with Iron Pillar, an India-based VC firm focused on mid-stage technology companies, to make co-investments in India.
The partnership was first reported by Livemint and has since been confirmed to AVCJ by a source familiar with the situation. It will allow Fosun to access to the Indian VC market, while Iron Pillar will leverage the conglomerate's extensive networks, knowledge and platform in China and overseas. They will collaborate on co-investments that meet certain criteria.
Headquartered in Mumbai, Iron Pillar was estalished by a six-member founding team, including Anand Prasanna, formerly of Morgan Creek Capital Management, Mohanjit Jolly, who was previously a partner at Draper Fisher Jurvetson, and ex-Citigroup banker Sameer Nath. The firm also has a presence in Mauritius, Palo Alto, Shanghai and Singapore.
Iron Pillar is understood to be in the process of raising its debut fund, which has a target of INR2 billion ($31 million). The firm looks for opportunities in the consumer technology and enterprise technology spaces, typically in post-Series A rounds. It has already made two investments: enterprise technology player Nowfloats and online jewelry retailer Bluestone.
Founded in 1992, Fosun operates a variety of businesses – including insurance, real estate, venture capital and healthcare – under different subsidiaries. Fosun Kinzon, Fosun’s VC arm, was founded in 2013 as part of a wider effort to transform Fosun into a global investment firm, investing in China and the US. Last year, three senior executives in Kinzon left the firm to launch an independent fund.
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