Iron Pillar co-founder launches India venture growth firm

Three members of Iron Pillar's Mumbai team including CFO Sameer Sheth – have joined TrueScale, while Karan Ahuja has been recruited as a principal based in Bangalore. Nath will remain a managing partner for Iron Pillar's first fund and the other team members will fulfill their responsibilities in relation to the vehicle, according to a statement.

Nath, an ex-Citigroup banker, founded Iron Pillar with Anand Prasana, formerly of Morgan Creek Capital Management, and Mohanjit Jolly, previously of Draper Fisher Jurvetson, in 2015. Fund I closed at $90 million in 2018 and a $45 million top-up was added last year. The firm has offices in Mumbai, Bangalore, and Mauritius, while Prasanna is based in Dubai and Jolly in Silicon Valley. Several portfolio companies generate revenue outside of India or are pursuing global expansion.

Iron Pillar focuses on Series B, C, and D rounds, aiming to fill a gap in the market for later-stage growth capital. TrueScale is positioned as a Series B and C specialist, targeting consumer and enterprise technology companies being built out of India. No details have been given regarding the firm’s fundraising ambitions.

TrueScale claims the venture growth segment is relatively untapped yet has strong growth potential. Approximately $1 billion was deployed in Series B and C rounds of up to $25 million in 2020, up from $454 million in 2016, the firm said.

"It is the right time to launch our investment firm considering that Iron Pillar India Fund I is almost fully deployed and that this is an opportune juncture to invest in India technology. We are enthusiastic about the Series B/C investing opportunity and the high-quality deal pipeline we are developing,” Nath said.

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• Topics
• South Asia
• Fundraising
• GPs
• Technology
• India
• Iron Pillar
• TMT
• TrueScale Capital