PremiumBENGALURU: Venture growth investor Iron Pillar on Monday said it has received an investment of $10 million from Allana Group in its Fund II, which was launched in the April-June quarter.
Adil Allana, supervisory board member of Allana Group, will join Iron Pillar as a board partner. In 2017, Allana Group set up a corporate venture arm and has since made investments in e-commerce, grocery products, challenger brands, media and healthcare.
After deploying its $135 million first fund, Iron Pillar is raising a second fund from both new and repeat investors. It has made two investments so far – in CoreStack and Ushur. Both were warehoused for the fund before its launch.
Anand Prasanna, managing partner, Iron Pillar said, “We have an existing relationship with Adil and Allana Group through their investment in FreshToHome, where they have added significant value to the company in operations and international expansion. This is the logical next step for us to take our fruitful partnership forward to support many more of our portfolio companies. As we continue to build Iron Pillar, we look forward to collaborating with larger Indian and global business groups who can help our portfolio companies improve their operations and expand across US, Middle East and Asia Pacific."
Iron Pillar has also added three senior professionals to its investment team.
Sajid Fazalbhoy, previously with Blume Ventures, has joined as a partner. Pavan Gupte, formerly with CVCI, KKR and Hermes GPE has joined as a board partner and Rahul Garg, formerly with Kalaari Capital and Lehman Brothers, has joined as principal.
Iron Pillar’s portfolio includes technology companies such as Uniphore, FreshtoHome, Servify and CoreStack that are built from India for Indian and global markets.
In 2020, Iron Pillar has also set up ‘Iron Pillar Network’, comprising senior technology executives from companies and institutions such as Amazon, Bertelsman, Careem, Cloudera, Discord, Google, Intertrust, JLL, McGrawHill, Optum, SAP, Zoho among others to help its portfolio companies expand globally.
Founded in January 2016, Iron Pillar provides growth capital and active help in global business expansion to companies in the enterprise and consumer technology sectors.
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