Iron Pillar reaches $20m first close on debut fund
Indian venture capital firm Iron Pillar Capital Management has reached a first close of INR1.3 billion ($20 million) on its debut India fund.
The vehicle has a target of INR2 billion and will focus on post-Series A rounds for companies in the consumer and enterprise technology spaces in India that are building scalable global businesses or bring widespread disruption within the country. LPs contributing to the first close include the Small Industries Development Bank of India (SIDBI) and IIFL Wealth Management, along with family offices of Indian entrepreneurs.
Iron Pillar has already made two investments from the fund, committing $10 million alongside IIFL and other investors to the Series B round for web solutions provider NowFloats and investing an undisclosed amount in online jeweler BlueStone, which is also backed by Kalaari Capital, Accel Partners and IIFL. The firm plans to invest in 12 companies overall.
“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, in a statement.
Iron Pillar was established 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. Along with its headquarters in Mumbai the GP also has a presence in Mauritius, Palo Alto, Shanghai and Singapore.
Earlier this year the firm agreed to a strategic partnership with Chinese conglomerate Fosun International to make co-investments in India. The ventures will give Fosun access to the Indian VC market, while Iron Pillar will leverage the conglomterates networks, knowledge and platform in China and overseas.
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