Iron Pillar announced on Wednesday that it has closed a $129 million Series B and C fund to support cloud software firms in India, increasing the venture capital firm's exposure to the fast developing industry.

The International Data Corporation (IDC), a market research organisation, forecasted in December that the Indian market for public cloud services will reach $13 billion by 2026, with a compound annual growth rate of 23.1% from 2021 to 2026.

"The global cloud opportunity is growing at an unprecedented pace," Iron Pillar Managing Partner Anand Prasanna said in a statement.

Iron Pillar has previously invested in various Indian cloud software firms, including Uniphore, Servify, CoreStack, Ushur, and Pando. It stated that the new fund will focus on cloud infrastructure and software as a service (SaaS).

Iron Pillar said the latest fund received participation from current institutional investors from the United States, Europe, and the Middle East, including 57 Stars LLC, as well as new supporters, including two institutions and a foundation.

Iron Pillar, whose investment methodology includes leading Series B and C rounds in its portfolio firms, has also invested in FreshToHome, an online meat-ordering platform, and BlueStone, a jewelry-seller.