Iron Pillar, a Mumbai-based venture growth investor specializing in mid stage technology companies, announced that it has raised $45 million top-up fund.
The fund will provide Iron Pillar additional capital to back specific Fund I portfolio companies that are thriving even in the current market conditions. Fund I has already made eight investments, with very strong portfolio performance till date, including one exit from SaaS company, Now Floats, acquired by Reliance Jio In December 2019.
Anand Prasanna, Managing Partner, Iron Pillar, said, “The current crisis and its second order effects have reduced the amount of growth capital available for tech companies in India. While some may see this as a formidable challenge, we see this as a once in a lifetime opportunity for high-quality tech companies with strong market position, growth and gross margins to solidify their lead with efficient capital spend. One way to achieve this upside is for existing investors to step up with creative structures and provide access to capital for the next 24 months. The top-up fund is a proactive step in that direction to add fuel to our well performing portfolio companies.”
Iron Pillar has added three global institutions, including 57 Stars LLC (a global alternatives investor) and one large European family office to its investor base.
Mohanjit Jolly, Partner, Iron Pillar said, “Marquis LPs have decided to back the Iron Pillar vision especially in the midst of the current pandemic. This is a validation of the strength for our portfolio, credentials of our team and investment strategy.”
“The Indian tech innovation flywheel is definitely in motion,” added Prasanna.
The top-up fund deployment will be led by Anand Prasanna, Mohanjit Jolly and Ashok Ananthakrishnan. The team will continue to focus on providing growth capital to Indian founders who aspire to create world-class technology companies out of India. In addition to capital, Iron Pillar’s portfolio companies will get access to a global network of potential customers, strategic partners, senior tech executives and capital sources as catalysts.
Iron Pillar provides growth capital to proven businesses in the enterprise and consumer tech sectors, focusing on Series B, C and D capital raises, as a lead investor. The 5-member Iron Pillar founding team—Anand Prasanna, Sameer Nath, Mohanjit Jolly, Harish Hulyalkar and Ashok Ananthakrishnan. The team leverages its experience and networks in India, the U.S., China and Europe to actively partner with entrepreneurs who are poised to scale their technology businesses.
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