Iron Pillar to raise $400 mn to empower Indian tech startups: Report – Business Standard

Leading investment company Iron Pillar, which backs tech startups in India, is reportedly raising nearly $400 million to further help boost the country’s startup ecosystem, the media reported on Monday.

Iron Pillar provides growth capital to help Indian startups expand their global footprint.

According to Deal Street Asia, citing sources, the VC firm is in advanced talks with limited partners (LPs) to raise about $400 million in its second fund.

The VC firm has startups like FreshToHome, Uniphore, Curefoods and others in its portfolio.

According to a recent report by Iron Pillar, India is likely to have more than 250 unicorns by 2025.

Iron Pillar closed its first, $90 million fund in 2018 and raised $45 million afterwards for a top-up fund.

Last year, it raised $10 million for its second fund from Allana Group.

Last month, Sequoia India and Southeast Asia raised $2.85 billion across a set of funds, including a $2 billion early-stage, venture and growth fund for India and an $850 million Southeast Asian fund, to help founders build from idea to IPO and beyond.

India has emerged as the third-largest startup ecosystem in the world, after the US and China. The country currently has more than 100 unicorns.

In 2021, Indian startups raised $42 billion across 1,583 deals, resulting in 42 unicorns.

According to the report, Lightspeed India Partners is also planning to raise over $500 million for its latest fund and Matrix Partners India is aiming to raise $450 million.

–IANS

na/shb/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Leave a Reply

Your email address will not be published.