Iron Pillar, a venture capital based firm has been successful in raising $45 million top-fund. This fund, which was raised in a short time will be able to give this firm additional capital, which will enable to back up Fund 1 Portfolio companies. 8 investments have already been made by Fund 1.
By the virtue of these incoming funds, Fund 1 has been able to add three new institutions, which are inclusive of 57 Stars LLC (a global alternatives investor) along with a large European family office to its base of investors.
The startup ecosystem has changed by a large degree in the past 5 years. Notably, the top-up fund employment will be led by three people: Anand Prasanna, Mohanjit Jolly and Ashok Ananthakrishnan. This group of people will be primarily focussed on providing growth capital to those with the aspirations to create amazing technology companies in India.