Iron Pillar, a venture growth investor specialising in mid-stage technology investments in India, announced a strategic partnership and investment by Nitya Capital, a rapidly growing investment firm in the US with $2 billion of assets under management.
The investment was made in Iron Pillar Holdings Limited, alongside founding partners, Anand Prasanna, Mohanjit Jolly, and Ashok Ananthakrishnan.
Nitya Capital was founded by Swapnil Agarwal who grew the firm with $300,000 of personal savings to $2 billion of assets under management in just seven years, with top-tier investor returns.
Anand Prasanna, Founder and Managing Partner, Iron Pillar, said, “After getting the opportunity to back some great companies in our first fund, we were looking for a like-minded long-term partner who believed in India and the technological prowess of Indian entrepreneurs. I have closely known Swapnil for over 12 years and have often explored opportunities to collaborate, especially when it comes to connecting the US and Indian technology ecosystems. It is this shared vision and entrepreneurial spirit that made Swapnil and Nitya Capital the most preferred partners for our journey ahead. By being a partner with Iron Pillar through this investment, Nitya Capital will support us in our mission to build large and successful technology companies from India.”
Iron Pillar is working to bridge the gap between its portfolio companies and the well-developed technology ecosystem and markets in the US, something that might be considered unusual for an India-focused fund. Mohanjit Jolly, one of the partners at Iron Pillar, is based in Silicon Valley and has been working to build on this strategy since Iron Pillar’s inception. As a result, Iron Pillar says portfolio companies can scale faster and address challenges head-on by getting access to experienced tech founders, CEOs, executives, and mentors from Silicon Valley – a lot of them of Indian origin.
In addition, the US also happens to be the largest traditional source of capital for Indian VCs and tech companies. Iron Pillar has actively helped many of its portfolio companies raise follow-on capital through its strong network of investors in the US. Iron Pillar says the partnership with Nitya Capital will significantly expand its network of investors, advisors, and thought leaders.
Swapnil Agarwal, Founder and Managing Principal of Nitya Capital, commented, “The Iron Pillar model is unique for its long-haul visionary approach to building large outcome technology companies from India. We are looking forward to augmenting this endeavour and building a portfolio of high return investments in the long term.”
Iron Pillar will continue to raise and invest through a series of technology-focused growth-stage funds in India, which will be built on Iron Pillar Fund 1’s core strategy. The firm has announced the successful closure of a $45 million Iron Pillar top-up fund in May 2020 to continue to support high-growth portfolio companies from Iron Pillar Fund 1 that are performing well during the COVID-19 crisis.
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