India’s Iron Pillar sells GP stake to US investor

Iron Pillar said Nitya had taken a stake in its Mauritius-registered holding company. The amount paid was not disclosed. The partnership is intended to expand Iron Pillar's network of investors, advisors, and thought leaders in the US.

“As a long-term partner, Nitya Capital brings a combination of strong belief in Indian entrepreneurial opportunity, deep network of global investors to back them and strong balance sheet for Iron Pillar,” said Anand Prasanna (pictured), a managing director at Iron Pillar, according to a statement.

Founded in 2017, Iron Pillar is currently investing its $90 million debut fund. The firm recently raised an additional $45 million to support the capital needs of existing portfolio companies. The GP backs entrepreneurs in India’s enterprise and consumer technology space that have scaled their businesses to achieve positive unit economics and generate meaningful revenue. It seeks to contribute to funding rounds beyond Series B, aiming to fill a gap in the market for later-stage growth capital.

The firm has made eight investments so far. These include online jeweler BlueStone, customer experience management solutions provider Servify, online fresh food delivery platform Freshtohome, pharmaceutical developer Vyome Therapeutics, and software developer Uniphore. 

Iron Pillar achieved its first exit towards the end of 2019 when the corporate venture arm of Reliance Industries bought a majority stake in NowFloats, an internet enabler for offline businesses that has since become a part of the Jio Platforms’ initiative. Iron Pillar claims to have secured a 16% return on the investment.

Nitya manages up to $2 billion in real estate assets, primarily in Texas. These include multifamily units, commercial offices, single-family homes, retail and townhome development projects, and multi-use ground-up development projects. The firm was founded by Swapnil Agarwal in 2013. He previously worked at Forum Partners focusing on the group’s Asia Pacific investments.

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• Topics
• South Asia
• Fundraising
• GPs
• Venture
• Iron Pillar
• India