Shanghai-based, Chinese investment company Fosun International Ltd has entered into a strategic partnership with Iron Pillar Capital Management Ltd. This partnership will enable Indian fund access to Fosun’s extensive networks, knowledge, and platform. Apart from this, the partnership will help Fosun to strengthen its foothold in India by using Iron Pillar’s knowledge and sourcing opportunities.
Mumbai-based, Iron Pillar Capital was founded by former director of Morgan Creek, Anand Prasanna, former Citigroup India Investment Banking Head Sameer Nath, and former DFJ India Head Mohanjit Jolly. It is a venture capital fund which is focussed on mid-stage technology investments in India. It funds companies in the consumertech and enterprisetech sectors, post a Series A round of venture capital funding. Apart from India, it has presence in Mauritius, Palo Alto, Shanghai, and Singapore.
According to the official website, the Iron Pillar fund has completed two mid-stage technology investments along with affiliates: Nowfloats, an SME SaaS company in India and Bluestone, a leading online jewelry retail brand.
As per unnamed sources, Iron Pillar, with a focus on mid-to-late stage technology investments, has already secured about $150 Mn to invest in the Indian startup ecosystem, with significant commitments coming from China, while another $50 Mn is to come from the US over the next 3-4 months. Both Fosun and Iron Pillar have their own funds and separate limited partners.
Founded in 1992 in Shanghai, Fosun International was listed on the Hong Kong Stock Exchange on July 16, 2007. Fosun has interests in wealth management, pharmaceuticals, mining, steel, and realty. Under the finance vertical, it owns businesses in insurance, investment, wealth management, and Internet finance.
In June 2015, Fosun International Ltd was rumored to invest about $100Mn in Locon Solutions Pvt. Ltd, the owner of property website Housing.com.
(This development was reported by LiveMint.)
