JUNE 20238he venture capital firm boosted its exposure to the quickly expanding industry, Iron Pillar announced that it has closed a $129 million Series B- and C-fund to support cloud software firms from India. In December, market intelligence company International Data Corporation (IDC) predicted that the Indian market for public cloud services will reach $13 billion by 2026, with a compound annual growth rate of 23.1 percent from 2021 to 2026.Iron Pillar Managing Partner Anand Prasanna, "the worldwide cloud opportunity is developing at an unprecedented pace". Uniphore, Servify, CoreStack, Ushur, and Pando are just a few of the Indian cloud software startups in which Iron Pillar has already made investments. It was stated that the focus of the new fund will be on cloud infrastructure and software as a service (SaaS).Without giving names, Iron Pillar said that the most recent fund attracted participation from established institutional investors from the United States, Europe, and the Middle East, including 57 Stars LLC, as well as new supporters, including two endowments and a foundation.Iron Pillar has invested in the online meat-ordering service FreshToHome and the jewellery retailer BlueStone. According to Iron Pillar, its investment strategy include leading Series B and C rounds in its portfolio businesses. TIN FOCUSIt was stated that the focus of the new fund will be on cloud infrastructure and software as a service (SaaS)INDIA'S IRON PILLAR RAISES $129 MILLION TO FUND IN CLOUD STARTUP
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