Venture capital investor Iron Pillar, which has backed the likes of FreshToHome, Uniphore, Servify and Curefoods, has closed a $129 million fund that will be focused on making investments in global cloud software companies from India.

Iron Pillar’s managing partner Anand Prasanna says, “The fund will look at investing in growth stage startups including Series B, Series C rounds with an emphasis on software-as-a-service (SaaS) and cloud infrastructure segment including investment themes such as cyber security and governance, DevOps tools, future of work and education, and automation.”

The $129 million vehicle is a part of Iron Pillar’s Fund II series, and the firm plans to launch another India-focused platform which will take the aggregate fund size to more than double from now.

He added that the firm will be looking at making some meaningful exits from Fund I portfolio companies over the next year to be able to return capital to its limited partners by the first quarter of 2024.
This is the final close for the cloud SaaS fund, and is one of the vehicles of the Fund II series.

The company is still in the process of finalizing the remaining Fund II series and are still in conversations with some LPs (limited partners) on the same. The overall Fund II series will be more than double of the cloud fund.

“At Iron Pillar, we do a lot of doubling down. For example, in FreshToHome, where we initially invested $6 million, we now have $68 million exposure. Similarly, we can add significantly more money to the winners. In terms of the number of companies, we back 8-10 companies (in a particular fund), and we have a concentrated portfolio,” adds Prasanna.