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.
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.