Iron Pillar earmarks $129m for Indian SaaS investments

(From left) Iron Pillar execs Mohanjit Jolly, Anand Prasanna, and Ashok Ananthakrishnan / Photo credit: Iron Pillar

In 2022, software-as-a-service companies from India generated US$12 billion in annual recurring revenue – up 4x over the past five years – according to a report by Bain & Company. The consulting firm projects an increase to US$35 billion within the next five years, with India capturing up to 8% of the global SaaS market.

Growth-stage VC firm Iron Pillar is one of the companies capitalizing on this growth. It has closed US$129 million for its fund focused on cloud software firms from India.

The fund’s deployment will be led by managing partner Anand Prasanna and partner Mohanjit Jolly. It will encompass SaaS and cloud startups across fields such as DevOps tools, automation, cybersecurity and governance, and the future of work and education.

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Established in 2016, Iron Pillar leads series B and C rounds and follows up with 5x to 10x of its initial investment for successful businesses. It has amassed nearly US$500 million in assets under management. Its portfolio includes the likes of CoreStack, Uniphore, Servify, and Jiffy.