India’s Iron Pillar raises $129 mln to invest in cloud startups

BENGALURU: Iron Pillar on Wednesday said it had closed a $129 million Series B- and C-fund to back cloud software startups from India, as the venture capital firm increased its exposure to the rapidly-growing sector.

International Data Corporation (IDC), a market intelligence firm, in December projected the Indian market for public cloud services would reach $13 billion by 2026, with a compound-annual-growth rate of 23.1% from 2021 to 2026.