The media reported on Monday that renowned investment firm Iron Pillar, which supports tech entrepreneurs in India, is allegedly raising close to $400 million to support the development of the nation’s startup ecosystem.
For Indian entrepreneurs looking to go global, Iron Pillar offers growth finance.
According to sources cited by Deal Street Asia, the VC company is in early discussions with limited partners (LPs) to raise roughly $400 million for its second fund. The VC firm’s portfolio of startups includes companies like FreshToHome, Uniphore, Curefoods, and others.
Last year, it acquired $10 million from Allana Group for its second fund.
To assist founders in taking their businesses from conception to initial public offering (IPO) and beyond, Sequoia India and Southeast Asia raised $2.85 billion last month across several funds, including a $2 billion early-stage, venture, and growth fund for India and an $850 million Southeast Asian fund.
After China and the US, India now has the third-largest startup ecosystem globally. There are currently more than 100 unicorns in the nation.
42 unicorns were created in 2021 as a result of Indian businesses raising $42 billion through 1,583 deals.
For its most recent fund, Lightspeed India Partners intends to raise more than $500 million, and Matrix Partners India hopes to raise $450 million, according to the report.