pi Ventures plans to invest in 25 young startups with its latest $75 million fund

• pi Ventures has announced the first closing of its second fund at $40 million.
• The fund size is $75 million, including a green shoe target of $100 million.
• This fund has already been deployed to back biotech startup ImmunitoAI.

Early-stage venture fund pi Ventures has announced the first closing of its second fund at ₹300 crore ($40 million) to invest in 20-25 startups in the next three years.

The company has launched the fund II in March 2021 with a base target corpus of ₹565 crore ($75 million), including a green shoe target of ₹750 crore ($100 million). The investment firm aims to announce the second close by mid 2022, Manish Singhal, founding partner at pi Ventures, told Business Insider.

Several high net worth individuals (HNIs) and family offices — including Mamaearth’s Varun Alagh, Flipkart’s Binny Bansal, MakeMyTrip’s Deep Kalra, and senior leaders from IBM, Facebook and Google — have participated in the venture fund.

Founded in 2016, pi Ventures had closed its Fund I in ₹225 crore ($30 million) in 2018. The fund has been used to invest in 15 startups, including breast cancer screening solution Niramai, Google-backed mental health platform Wysa, spacetech company Agnikul and logistics company Locus.

Like the fund I, pi Ventures’ Fund II will be sector agnostic too. This fund has already been deployed to back biotech startup ImmunitoAI that is developing an AI-powered antibody discovery and screening platform.

“The interest in our fund demonstrates the confidence of our investors in our team and our investment strategy. We will continue supporting early-stage entrepreneurs in the deep tech space and we take the learnings from our first fund portfolio to scale on this now proven strategy,” Singhal added.

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