pi Ventures raises Rs 702 crore to invest in AI and deeptech startups

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pi Ventures raises Rs 702 crore to invest in AI and deeptech startups
pi Ventures raises Rs 702 crore to invest in AI and deeptech startups

Including the likes of Niramai, Pixis, Wysa, Agnikul, and Locus, pi Ventures backed 15 deeptech startups in the first fund

The final closure of pi Ventures’ second fund, with a total commitment of Rs 702 crore exceeding its target of Rs 565 crore, has been announced by the early-stage venture fund, pi Ventures.

Multiple institutional players, such as BII, Nippon India Digital Innovation AIF (NIDIA), Accel, Colruyt, and Premji Invest, participated in the second fund. Besides, entrepreneurs and family offices such as Binny Bansal, Varun Alagh, Samit Shetty, Rajesh Ranavat, Anupam Mittal, Hemendra Kothari, Hitesh Oberoi, Ullas Kamath, and Deep Kalra, among others.

As SIDBI also participated in the second fund with a commitment of Rs 100 crore from its Fund of Funds for Startups, the financial institution is one of the key backers of pi Ventures. This is nearly 2.5 times what FFS had invested in the first fund.

Founded in 2018 by Manish Singhal, the venture capital firm, which closed its first fund in 2018 with a corpus of Rs 225 crore, primarily invests in AI and deep tech startups in India.

Already invested in seven startups, the second fund of pi Ventures plans to take this number to 20–25 in the next two–three years.

Manish Singhal, founding partner of pi Ventures, said, “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.”

Including the likes of Niramai, Pixis, Wysa, Agnikul, and Locus, pi Ventures backed 15 deeptech startups in the first fund.

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