India-based venture capital firm Iron Pillar has raised $10m for its second fund, from food product exporter Allana Group, Business Standard reported yesterday.
Founded in 2016, Iron Pillar targets enterprise and consumer technology developers, typically investing across series B, C and D rounds. In addition to its home country, it has offices in Mauritius, the United Arab Emirates and the United States.
Adil Allana, who sits on the supervisory board of Allana Group, will join Iron Pillar as a board partner after the commitment. Iron Pillar has fully deployed its initial vehicle, which closed at $90m in 2018, before adding $45m in May 2020 for specific portfolio companies.
Anand Prasanna, managing partner of Iron Pillar, said: “We have an existing relationship with Adil and Allana Group through their investment in [fresh produce delivery service] FreshToHome [in October 2020], where they have added significant value to the company in operations and international expansion.
“This is the logical next step for us to take our fruitful partnership forward to support many more of our portfolio companies. As we continue to build Iron Pillar, we look forward to collaborating with more large Indian and global business groups who can help our portfolio companies improve their operations and expand across the US, Middle East and Asia Pacific.”
