Iron Pillar, which has offices in Palo Alto, California and Bangalore, India, said it has received $10 million from Allana Group for its second fund. Allana, a 150-year-old manufacturing and distribution company, focuses on consumer industries and has invested through its VC arm since 2017. As part of the investment, Adil Allana, supervisory board member of the Group, will join Iron Pillar as a board partner.
Iron Pillar, founded in 2016, initially raised $90 million for its first fund in 2018.
Iron Pillar, which invests in venture growth companies based in India that are looking to expanding worldwide, also announced it has added three senior professionals to its investment team. Sajid Fazalbhoy, previously with Blume Ventures, has joined Iron Pillar as partner. Pavan Gupte, who has been with such firms as CVCI, KKR and Hermes GPE, has joined as a board partner. And Rahul Garg, previously with Kalaari Capital and Lehman Brothers, has joined as principal.
Source: Iron Pillar announcement