India’s Iron Pillar raises $129 million to invest in cloud startups
Iron Pillar said it had closed a $129 million Series B- and C-fund to back cloud software startups from India, as the venture capital firm increased its exposure to the rapidly-growing sector.
International Data Corporation (IDC), a market intelligence firm, in December projected the Indian market for public cloud services would reach $13 billion by 2026, with a compound-annual-growth rate of 23.1% from 2021 to 2026.
“The global cloud opportunity is growing at an unprecedented pace,” Iron Pillar Managing Partner Anand Prasanna said in a statement.
Iron Pillar has already invested in several cloud software companies from India, including Uniphore, Servify, CoreStack, Ushur, and Pando. It said the new fund will have an emphasis on cloud infrastructure and software as a service (SaaS).
The latest fund drew participation from existing institutional investors from the United States, Europe and the Middle East, including 57 Stars LLC as well as new backers including two endowments and a foundation, Iron Pillar said without disclosing names.
Iron Pillar, which says its investment model involves leading Series B and C rounds in its portfolio companies, has also invested in online meat-ordering platform FreshToHome and jewellery-seller BlueStone.
FacebookTwitterLinkedin
Iron Pillar said it had closed a $129 million Series B- and C-fund to back cloud software startups from India, as the venture capital firm increased its exposure to the rapidly-growing sector.
International Data Corporation (IDC), a market intelligence firm, in December projected the Indian market for public cloud services would reach $13 billion by 2026, with a compound-annual-growth rate of 23.1% from 2021 to 2026.
“The global cloud opportunity is growing at an unprecedented pace,” Iron Pillar Managing Partner Anand Prasanna said in a statement.
Iron Pillar has already invested in several cloud software companies from India, including Uniphore, Servify, CoreStack, Ushur, and Pando. It said the new fund will have an emphasis on cloud infrastructure and software as a service (SaaS).
The latest fund drew participation from existing institutional investors from the United States, Europe and the Middle East, including 57 Stars LLC as well as new backers including two endowments and a foundation, Iron Pillar said without disclosing names.
Iron Pillar, which says its investment model involves leading Series B and C rounds in its portfolio companies, has also invested in online meat-ordering platform FreshToHome and jewellery-seller BlueStone.
FacebookTwitterLinkedin
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.