Iron Pillar Will Raise $400 Million to Support Indian Tech Startups, According to a Report

Iron Pillar, a leading investment firm that supports Indian tech startups, is reportedly raising nearly $400 million to help boost the country's startup ecosystem, according to media reports on Monday. Iron Pillar provides growth capital to Indian startups looking to expand globally.

According to sources, the VC firm is in advanced talks with limited partners (LPs) to raise approximately $400 million in its second fund. FreshToHome, Uniphore, Curefoods, and other startups are among those in the VC firm's portfolio.

According to a recent Iron Pillar report, India is on track to have more than 250 unicorns by 2025. Iron Pillar closed its first $90 million fund in 2018 and later raised $45 million for a follow-on fund. Allana Group contributed $10 million to its second fund last year.

Sequoia India and Southeast Asia raised $2.85 billion last month across a number of funds, including a $2 billion early-stage, venture, and growth fund for India and a $850 million Southeast Asian fund, to assist founders in taking their businesses from concept to IPO and beyond.

After the United States and China, India has emerged as the world's third-largest startup ecosystem. There are currently over 100 unicorns in the country. In 2021, Indian startups raised $42 billion in 1,583 transactions, yielding 42 unicorns.