Venture capital firm Iron Pillar, which provides growth capital to mid-stage technology companies in India, has struck a strategic partnership with a US-based real estate firm Nitya Capital.
As part of the agreement, Nitya Capital will invest in the venture capital firm's Mauritius-based holding company Iron Pillar Holdings Ltd, said Iron Pillar in a statement without disclosing financial details.
The partnership with Nitya Capital will significantly expand Iron Pillar’s network of investors, advisors and thought leaders, it added.
Nitya Capital was founded by Swapnil Agarwal, who grew the firm from $300,000 in personal savings to $2 billion of assets under management in just seven years, the statement said.
Anand Prasanna, founder and managing partner at Iron Pillar, said Nitya Capital will help the venture capital firm "build large and successful technology companies from India".
Iron Pillar will continue to raise and invest through its series of technology-focused growth-stage funds in India, the statement added.
In October 2018, Iron Pillar, one of the few mid-stage technology investors in India, had marked the final close of its debut fund at $90 million.
The fund invested in eight companies including online fish and meat seller Freshtohome and artificial intelligence startup Uniphore. Earlier this year, Iron Pillar led a Series B funding round in ed-tech startup Testbook.
The VC firm has exited software-as-a-service company Now Floats, which was acquired by Reliance Jio in December 2019.
Last month, Iron Pillar said it has topped up its first fund with $45 million (Rs 338 crore) to provide additional capital to well-performing companies from its debut fund.
