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Pi Ventures gets SEBI approval to launch second fund

 Pi Ventures, the India-based early-stage venture capital fund with a focus on AI and deep-tech startups, has said that it will be launching its second fund with an initial target corpus of Rs 565 crore ($75 million approximately). 

Established in 2016 by Manish Singhal, Pi Ventures is planning to increase the range of startup investments via the second fund to invest in spaces such as material sciences, biotech, nanotech, and spacetech to name a few. 

Pi Ventures is looking to close the second fund by the end of this year, and the final target could be between $75-100 million. It had previously raised Rs 225 crore ($30 million) for its initial fund, which was closed in 2018.

“We have received SEBI approval for the second fund and it also has a greenshoe option of Rs 185 crore,” said Manish. 

Manish said that with the venture fund’s experience over the last five years of investing in Indian AI and deep-tech startups, he felt there were sufficient young companies in the country that could make major differentiation through technology to resolve a large issue. 

The second fund of Pi Ventures will be used to invest in about 20-25 startups, mostly at the seed and pre-Series A-stages. The cheque sizes will range from $0.5 to 1 million.

The second fund has drawn both new limited partners (LPs) and the existing ones. In the first fund, the leading investors were CDC UK; SIDBI; In Colour Capital from Canada; Hero Enterprise Chairman Sunil Kant Munjal; Accel Partners; Electronic Development Fund (managed by Canbank Ventures); IFC World Bank; and prominent family offices and entrepreneurs such as Binny Bansal, Bhupen Shah, Raghuveer Tarra, and Ullas Kamath to name a few.

In the first fund, Pi Ventures invested in 13 startups including Niramai, Locus, Wysa, Agnikul, and Pyxis among others. 

Manish said, “So far, our investment strategy has worked extremely well and we have a healthy portfolio of companies that have scaled massively despite the current pandemic situation.”

Indian startups in the Artificial Intelligence and deep-tech space will immensely benefit from this startup and will see huge opportunities to grow their business.

Shishir Gupta, Founder and CEO, StartupLanes

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