Iron Pillar, a tech-focused venture capital firm raised $45 million as a top-up in its first fund. This funding will help them to invest in tech-based startup thriving in current economic realities. Through its Fund-I, the company has already backed eight companies and also saw one exit from Reliance Jio acquired Now Floats.
Prasanna, managing partner, Iron Pillar said in a statement, “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…Our top-up fund is a proactive step in that direction to add fuel to our well performing portfolio companies”.
This investment has enabled Iron Pillar to add three global institutions including 57 Stars LLC (a global alternatives investor) and a one large European Family office to its pool of investors. Mohanjit Jolly of Iron Pillar said that Marquee LPs backing them in situations like these is testimonial for their company’s capabilities.
Iron Pillar was founded in 2017 by Anand Prasanna, Sameer Nath and Mohanjit Jolly. They have led funding rounds in several startups like Textbook and FreshToHome. The company has a niche of spending in B2B centric companies and have had a life-cycle of 4-5 years at least.