Funding Alert

Iron Pillar closes $129M growth fund for Indian cloud software companies

• ByStartupStory     |    April 5, 2023

Iron Pillar, a mid-stage venture capital firm, has announced the successful closure of its $129 million venture growth fund, which is part of the Iron Pillar Fund II series

The fund will specifically invest in global cloud software companies from India that are in the Series B to Series C stages.

The new fund received funding from institutional funds in the US, Europe, and the Middle East, as well as two endowment funds and a foundation. Singapore-based alternative asset manager, 57 Stars LLC, is also one of the limited partners in the fund. Iron Pillar currently manages around $500 million in Assets Under Management (AUM) and has previously backed several companies, including FreshToHome, BlueStone, Skill-Lync, and CureFoods.

Iron Pillar was founded in 2016 by Anand Prasanna and Mohanjit Jolly, and it raised approximately $300 million as part of its Fund I Series. The recent fund closure is the first of the Fund II series, and the firm plans to raise additional funds in the future.

The global cloud fund intends to invest between $8 million to $12 million across eight to ten companies over the next 30 months. Iron Pillar is seeking global SaaS companies that are building out of India, with an Annual Recurring Revenue (ARR) of $5 million to $10 million. The focus areas for the fund include automation, dev tools, future work and education, and cloud security.

According to a Bain & Company report, Indian SaaS companies are expected to generate $12 billion in ARR by 2022. Iron Pillar’s Managing Partner, Anand Prasanna, expressed optimism about the global cloud opportunity, stating that Indian founders will continue to build businesses in this space, and the fund is ready to support them in their growth stage.

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