FreshtoHome and BlueStone-backer Iron Pillar is planning to bring assets worth $1 billion under management
Iron Pillarinvests in Series B to Series C rounds of technology-focused startups.
- Its portfolio includes conversational AI startup Uniphore, online jewellery seller BlueStone and edtech Testbook.
- The company has made 12 investments since 2016 and has received one exit to date.
View all Offers
View all Offers
- 63% OFF
Qube By Fort Collins Men's Jacket (1211 OL_Maroon_XXL)₹ 782₹ 1999Buy On
- 60% OFF
Allen Solly Women's Synthetic Sweatshirt (AHSTCRGFP10505_Navy_Large)₹ 749₹ 1499Buy On
- 50% OFF
RIVER Suneet Varma Designer Women's Polyester Saree with Blouse Piece (RS2SVSR223B_Red)₹ 5399₹ 8999Buy On
- 70% OFF
Qube By Fort Collins Women's Parka Coat (17430Q_Peach_Medium)₹ 2499₹ 2499Buy On
- 50% OFF
RIVER JJ Valaya Designer Printed Women's A-Line Dress with Belt_Green_XS₹ 3599₹ 5999Buy On
Iron Pillar is also looking to close 2021 with seven to eight investments. The investment firm has already closed four fresh deals so far, which includes edtech startup Skill-Lync that offers upskilling courses for engineers, conversational artificial intelligence (AI) startup Uniphore and cloud-based automation platform Ushur.
The investment firm typically invests $5 million to $15 million in Series B and Series C rounds — or in companies with an average revenue run rate (ARR) of $4 million to $10 million. “On the breakout companies, we continue investing till they [go for an] IPO/M&A [initial public offering or mergers and acquisitions] and can invest $50-100 million in each company as they scale up,” Iron Pillar’s managing partner Anand Prasanna told Business Insider.
Advertisement“Nothing has fundamentally changed in our investment thesis since we were investing primarily in cloud software companies building from India for the world, right from 2016. But COVID has further solidified our conviction in the space with our portfolio recording a 2.4 times average growth over last year, maintaining strong unit economics. This strong performance is continuing as we speak and so we are more bullish on the space,” Prasanna said.
Iron Pillar’s portfolio has 12 startups including — device management platform Servify, cloud governance and compliance platform CoreStack, vegetables and meat e-commerce platform FreshtoHome, online jewellery platform BlueStone and competitive exams preparation platform Testbook.
The investment firm does not have any unicorn — startups valued at or above $1 billion — to its portfolio, yet. However, a recent report by investment firm Chiratae Ventures and consulting firm Zinnov highlighted that Uniphore is going to be among the next software-as-a-service (SaaS) unicorns soon.
The report, released in July 2021, also named MindTickle and workforce management software FarEye to be next in line of the unicorn club. Of this, MindTickle has already announced its unicorn round of $100 million led by SoftBank.
Iron Pillar, founded in 2016, closed its first fund at $90 million in October 2018. It later raised another $45 million in May 2020 to top up the first fund.
The investment firm launched its fund II in April-June quarter of 2021. The fund II has received $10 million from Indian exporter of processed foods and agro commodities Allana Group. Iron Pillar has not shared the total targeted corpus of fund II due to international regulations.
Advertisement“Our first fund was closed in October of 2018. So, it is early for us to talk about large exits. We have already had one exit, where [sic] NowFloats was acquired by Reliance Jio. We made a good IRR [internal rate of return] on this investment,” Prasanna said.
NowFloats offers SaaS solutions to small and medium enterprises (SMEs) to expand their digital presence. The company was acquired by Reliance for ₹141.6 crore ($19 million) in 2019.
What if Vodafone Idea dies?
AdvertisementVodafone Idea sinks nearly 10% and Airtel tumbles a bit after India’s Supreme Court denies a discount on past dues
Cost cutting is not helping Vodafone Idea, fresh funds might — but ‘nothing is coming’
Popular on BI
- Bajaj Finance, Tech Mahindra, Tata Power and other top stocks on January 18
- Shrinking car and two-wheeler sales is now hurting India’s biggest private bank
- The best pay masters in the gig economy aren’t good enough
- Amazon Great Republic Sale: Top deals on recliners, sofas and more home furnishing items
- Best fashion and beauty deals during Amazon sale