Pi Ventures Secures INR 100 Cr for Early Stage Startups in Deeptech Segment
- ByStartupStory | April 12, 2023
Pi Ventures, an early-stage venture fund supporting AI and deeptech startups, secures INR 100 Cr commitment from SIDBI-managed Fund of Funds for Startups (FFS), accounting for 15% of the corpus. The funds will be utilized by pi Ventures to support Seed, Pre-Series A, and Series A startups in the field of AI and deeptech. To date, pi Ventures has invested in seven startups, including ImmunitoAI and Preimage in India, Ottonomy.IO in the US, Silence Laboratories in Singapore, among others.
Pi Ventures, founded by Manish Singhal in 2016, received INR 22 Cr investment from Belgium’s Colruyt Group in March 2023. The venture fund had closed its first fund, Fund I, at INR 225 Cr in 2018, supporting 15 deeptech startups including Niramai, Pixis, Wysa, Agnikul, Locus, among others. In March 2021, pi Ventures launched its second fund with a corpus of $90 Mn and a greenshoe option to a target of $100 Mn.
“We are thrilled to have FFS as a partner again in our second fund. Their confidence in our team and investment strategy reaffirms our commitment to supporting talented entrepreneurs who are creating disruptive products with innovative technology-backed solutions to address real-world problems,” said Manish Singhal, Founding Partner of pi Ventures.
SIDBI’s Fund of Funds for Startups (FFS), founded in January 2016, is anticipated to close its current fund round with a corpus of INR 675-750 Cr in Q2 2023. The FFS fund is supported by prominent investors such as BII, Nippon India Digital Innovation AIF, Accel, Colruyt, Binny Bansal, Varun Alagh, Samit Shetty, Rajesh Ranavat, Anupam Mittal, Hemendra Kothari, Hitesh Oberoi, Ullas Kamath, Deep Kalra, as well as senior leaders from IBM, Facebook, Google, and others.
Amidst challenges such as a funding crisis, market inflation, and the possibility of an impending recession, investment firms, including venture capital (VC) firms, private equity (PE) firms, and hedge funds, are continuing to invest in domestic startups to support them during these uncertain times. This trend follows the previous year, where 126 funds collectively secured $18 Bn in investments, demonstrating resilience in the Indian startup ecosystem despite challenging circumstances.
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