Early-stage venture capital fund, pi Ventures announced that it has raised Rs 22 crore (USD 2.7 million) from Colruyt Group India. Colruyt Group India is an engineering subsidiary of Colruyt Group, a Belgium-based retail corporation. The engineering arms operates in information technology and consulting related practise.
After this fundraise, pi Ventures has hit its final close in the range of Rs 675 crore to Rs 750 crore, according to media reports.
Pi Ventures announced its first closure in January 2022, with funding coming from venture capital firm Accel, entrepreneurs, high net worth individuals, and family offices. The second fund debuted in March 2021, with a basic corpus of Rs 675 crore (with a green shoe target of Rs 750 crore).
Since its inception, the fund has attracted funding from investors including BII and Nippon India Digital Innovation AIF. Flipkart founder Binny Bansal, Mamaearth founder Varun Alagh, Info Edge CEO Hitesh Oberoi, and MakeMyTrip founder Deep Kalra are among the entrepreneurs and family offices funding the investment.
From its second fund, the venture capital firm has committed capital in seven startups – ImmunitoAI, Ottonomy.IO, Silence Laboratories, Preimage and three other ventures. It aims to invest in 20-25 more such startups by 2026.
According to the VC firm, the fund will continue to focus on AI and other forms of deeptech across sectors including blockchain, space-tech, biotech and material sciences, targeting early-stage deals.
Singhal, founded pi Ventures in 2016. It closed its Fund I of Rs 225 crore (USD 30 million) in 2018. The first fund was oversubscribed and had backed about 15 deeptech startups including, breast cancer screening solution Niramai, codeless AI infrastructure for growth marketing Pixis, mental health services chatbot Wysa, and space tech startup, Agnikul.