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Iron Pillar to raise $400 mn to empower Indian tech startups: Report
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IANS | 04 Jul, 2022
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 companies 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.
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