India's Iron Pillar closes debut fund at $90m

LPs include the Overseas Private Investment Corporation (OPIC), which selected Iron Pillar as the first recipient of capital under its newly launched VC funds program. Other commitments came from financial institutions, sovereign wealth funds, family offices, and technology entrepreneurs from the US, Europe, the Middle East, Singapore, China, and India.

The final close represents a significant expansion on Iron Pillar India Fund I’s target of INR2 billion ($31 million), and comprises both a US dollar and a rupee component. A first close of INR1.3 billion came last year, with The Small Industries Development Bank of India (SIDBI) and IIFL Wealth Management among the confirmed LPs.

Iron Pillar plans to back VC-backed entrepreneurs in India’s enterprise and consumer technology sector that have scaled their businesses to achieve positive unit economics and generate meaningful revenue. The firm will seek to lead Series B, C, or D rounds, aiming to fill a gap in India’s technology market for later-stage growth capital, and plans to invest in 12 companies overall.

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. It has made three investments so far, backing web solutions provider NowFloats, online jeweler BlueStone, and Servify, a developer of customer experience management solutions.

The firm has also formed a strategic partnership with Chinese conglomerate Fosun International to make co-investments in India. The venture gives Fosun access to the Indian VC market, while allowing Iron Pillar to leverage the conglomerate’s networks, knowledge, and platform in China and overseas.

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• Topics
• South Asia
• Venture
• Fundraising
• GPs
• Technology
• India
• Growth capital
• TMT