Venture growth investor Iron Pillar, which backs global companies that build products out of India, has raised $10 million from Allana Group in its Fund II.
The company has also added three senior professionals to its investment team. These include Sajid Fazalbhoy (previously with Blume Ventures) as Partner, Pavan Gupte (previously with CVCI, KKR and Hermes GPE) as a Board Partner and Rahul Garg (previously with Kalaari Capital and Lehman Brothers) as Principal.
With the fresh influx of funding, Iron Pillar is planning to collaborate with larger Indian and global business groups who can help their portfolio companies improve operations and expand across the US, Middle East and Asia Pacific, the firm said in a statement.
The mid-stage, technology-focused venture capital fund had raised its first fund with initial commitments of $90 million in 2018. In May last year, it raised a further $45 million from investors to back specific fund-I portfolio companies.
Founded in 2016, the fund backs B2B firms who want to create $1 billion+ enterprise value companies.
Through its Fund-I, Iron, Iron Pillar has made eight investments in companies such as Uniphore, Servify, CoreStack, FreshToHome, Testbook and exited SaaS company Now Floats, which was acquired by Reliance Jio in December 2019.