Business
Iron Pillar to raise $400 mn to empower Indian tech startups: Report
New Delhi, July 4
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.
18 hours ago
Watches made by an Indian American brand feature numerals written in Hindi.
18 hours ago
On his visit to India, Tesla CEO Elon Musk is reportedly expected to announce an investment of $2 billion to $3 billion.
18 hours ago
Award for Public Officials Won by Raja Krishnamoorthi, an Indian American Congressman
18 hours ago
A person from India has admitted to defrauding a bank of $17 million.
18 hours ago
Book released by former Indian government official at New York's Kerala Centre
18 hours ago
Musk's Mention of India's Permanent Seat in the United Nations Security Council Draws US Reaction
19 hours ago
Rahul Gandhi holding Muslim League flag in Wayanad inciting anti-Hindu sentiments: Union Minister
19 hours ago
Robotic surgery offers hope to 2 women with advanced breast cancer
19 hours ago
16 mn Afghans to experience crisis and emergency levels of food insecurity: UN report
20 hours ago
Long jumper Sreeshankar Murali ruled out of Paris Olympics with knee injury
20 hours ago
IPL 2024: Devon Conway ruled out due to injury, CSK name Richard Gleeson as replacement
20 hours ago
Kriti surprises fans with pics from Manish Malhotra's Namo Ghat show in Varanasi
20 hours ago
Story of Indian-American teen Reena Virk's murder that inspired Lily Gladstone’s ‘Under The Bridge’