NEW DELHI: According to media reports on Monday, Leading investment company ‘Iron Pillar’ which backs startups in the country, is reportedly raising nearly $400 million to help boost the startup ecosystem of India. Iron Pillar helps Indian startups with growth capital and in expanding their global footprint.
According to a report by Deal Street Asia, citing sources, the 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.
The firm closed its first $90 million funds back in 2018 and additionally raised $45 million afterward for a top-up fund. The previous year, it raised $10 million for its second fund from Allana Group, whereas 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.
With the country currently having more than 100 unicorns, India has emerged as the third-largest startup ecosystem in the world, after the US and China, whereas, 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.