Mid-staged technology-focused venture capital firm Iron Pillar has made the final close on its $90 million maiden fund.
About 65 per cent of the fund is raised from offshore investors, in which the most amount has been received from the US, Overseas Private Investment Corp.(OPIC) being the lead investor.
SIDBI and IIFL are the largest investors in the fund from India, who were also a part of the first close.
Started in December 2015 by Mohanjit Jolly, Anand Prasanna, and Sameer Nath – Iron Pillar had announced the first close of $20 million in May 2017.
Other international investments have been received from Europe, the Middle East, Singapore, and China.
The focus of Iron Pillar on mid to late-stage startups, and contribution in Series B, C, or D rounds vouches for the smaller portfolio of the firm. As of now, the portfolio includes NowFloats, Servify, and Bluestone.
As per Nath’s statement in Mint report, Iron Pillar will have a concentrated portfolio of 9-10 deals but with large ticket sizes of about $5-10 million.
Last month, the firm had led a $15 million Series B round in Servify.
Noticing the changes in the ecosystem relating to internet consumption, smartphone usage, and enterprise cloud adoption, the focus of the VC still remains on the technology-based businesses. Startups working with cloud seem to have a better chance of being a part of the portfolio of the leading VC firm in India.