Pune-based early stage venture fund pi Ventures has successfully closed its second fund, surpassing the base target by securing a total commitment of INR 702 Cr ($85 Mn). The fund, which completed its first close at INR 300 Cr ($40 Mn) in January 2022, focuses on investing in startups operating in disruptive AI and deeptech categories across various sectors such as spacetech, biotech, blockchain, and material science.
The fund is backed by renowned institutional players including British International Investments (BII), Nippon India Digital Innovation AIF (NIDIA), Accel, Premji Invest, Colruyt, as well as notable entrepreneurs like Binny Bansal, Samit Shetty, Rajesh Ranavat, Varun Alagh, Anupam Mittal, Hitesh Oberoi, Ullas Kamath, and Deep Kalra. Senior leaders from IBM, Facebook, and Google have also contributed to pi Ventures’ second fund. Additionally, the Small Industries Development Bank of India (SIDBI) has returned as a key investor with a commitment of INR 100 Cr from its Fund of Funds for startups.
With the second fund, pi Ventures remains focused on investing in startups at the seed to Series A stage. The fund has already invested in seven startups, such as ImmunitoAI, Ottonomy.IO, Silence Laboratories, Preimage, and Zero Cow Factory. Over the next two to three years, the venture capital firm plans to invest in 20-25 similar startups.
Manish Singhal, founding partner at pi Ventures, expressed his enthusiasm for the fund’s final close, stating, It will enable us to back bold entrepreneurs solving global fundamental problems using innovative technology. India is a great place to build deeptech companies. We are privileged to have a role to play in the journey to put India on the deeptech map of the world.
Established in 2016, pi Ventures previously closed its first fund at INR 225 Cr ($30 Mn) in 2018, surpassing its target and providing support to 15 deeptech startups, including Agnikul, Locus, Niramai, Pixis, and Wysa. The target for closing the second fund was initially set for March 2023.
pi Ventures’ successful fund close comes amidst a challenging funding period for the domestic startup ecosystem. Several venture capital funds, including 3one4 Capital, Arkam Ventures, Blume Ventures, and Vertex Ventures, have recently launched or closed their respective funds. However, despite this funding winter, deeptech and AI sectors have continued to attract investors.
