pi Ventures closes its first fund at Rs 225 crore

Early-stage technology fund pi Ventures announced the final close of its first fund at ?225 crore, exceeding the initial target of Rs 195 crore by 17%.

The Applied Artificial Intelligence-focussed fund plans to invest in 18-20 startups in the health-tech, logistics, retail, fintech and enterprise sectors over the next three-four years, with a significant portion allocated for follow-on rounds.

pi Ventures closes its first fund at Rs 225 crore The fund writes cheques between $500 k and $1 million. “India AI ecosystem is at an interesting intersection of data, talent and market need. We are seeing an increasing number of good companies in the B2B space and look forward to backing startups which are creating global solutions from India,” Manish Singhal, founding partner at pi Ventures, told ET.

pi Ventures counts UK’s CDC Group, SIDBI, International Finance Corporation (IFC), Accel Partners, Electronic Development Fund, and entrepreneurs including Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikchandani and Sunil Kant Munjal as limited partners. The fund is co-sponsored by In Color Capital of Canada. The fund has received 60% of its corpus from institutional investors and majority from Indian limited partners.

“When we started 2.5 years back, AI was a new term. We didn’t have an anchor investor. We converted very small cheques and used that cash to invest in three-four startups and create proof points along the way to show how AI can solve realworld problems,” Singhal said.

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