Iron Pillar closes $129 million late stage fund to back SaaS startup

Venture capital firm Iron Pillar has announced a $129-million late-stage fund to invest in Series B and Series C rounds in SaaS startups that are operating in India. The fund is a part of ‘Iron Pillar Fund II series’ of funds.  

Iron Pillar Fund II series will focus on startups that are transforming the cloud ecosystem globally. It has attracted new investors as well as existing investors along with two Endowments and a Foundation.

"Iron Pillar is built on a fundamental belief that Indian founders will build large technology companies, not only for India but also for global markets. We are thrilled to have raised the first ever growth stage fund with a dedicated focus on investing in global cloud software companies from India,” Anand Prasanna, Managing Partner, Iron Pillar said.

Iron Pillar was founded in 2016 and it has invested in companies in cloud software and consumer tech space. Some of its portfolio companies include Uniphore, FreshToHome, Servify, and Curefoods among others. It has about $500 million in assets under management, which includes $300 million in Fund I series, $129 million under the global cloud fund, and several special-purpose vehicles.

Mohanjit Jolly, Partner, Iron Pillar said, “The cloud ecosystem is rapidly evolving, and we are confident in our ability to help entrepreneurs create market-leading companies in India and around the world.”

Today, Bangalore-based SaaS startup Apptile has received $2.5 million funding in a seed round from Mankekar Family Office and Ramakant Sharma, founder at Livspace.com led the seed round.

Apptile was started in 2021 by Rohit Modi, Samyam Annappa, and Vishal Sood. The startup offers customisable and hyper-personalized app-building capabilities that were previously only available to large brands.