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pi Ventures, an early stage venture fund, has closed the final tranche of its first fund at Rs 225 crore, exceeding its initial target of Rs 195 crore. The fund plans to invest in 18-20 deep tech startups in India over the next three-four years.
While a significant portion of the proceeds would be allocated for follow-ons, the fund will continue to back start-ups in health-tech, logistics, retail, fin-tech and the enterprise sectors, pi Ventures said in a statement.
“The India AI eco-system is at an interesting intersection of data, talent and market need,” Manish Singhal, founding partner at pi Ventures said, adding, the company will back start-ups which create global solutions from India.
The fund had received investments of about Rs 40 crore from CDC Group UK, recently. The other contributors to the fund include the Chairman of Hero Enterprise Sunil Kant Munjal; the International Finance Corporation, Electronic Development Fund (managed by Canbank Ventures), SIDBI, prominent family offices from the US, Canada, Singapore and India, and entrepreneurs such as Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikhchandani and Bhupen Shah, among others.
The fund is co-sponsored by In Color Capital of Canada. It has received 60 per cent of its corpus from institutional investors and a majority from Indian limited partners. pi Ventures has so far invested in healthcare start-ups SigTuple and NIRAMAI, ten3T (medical grade wearable device), Zenatix (energy efficient solutions provider) and Locus.sh (logistics optimisation platform), among others.
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