Pi Ventures, a venture capital firm that specializes in seed-stage startups, has secured INR 22 Cr ($2.6 Mn) from Colruyt Group India, for its second fund.
The venture capital firm anticipates closing the second fund later this year for between INR 675 Cr and INR 750 Cr. The fund will make investments in early-stage deeptech firms in a variety of industries, including blockchain, spacetech, and biotech, as per reported by Inc42.
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“We are delighted to have the support from Colruyt… With the association with Colruyt, we are excited about unlocking opportunities in Europe for our portfolio companies,” pi Ventures founding partner Manish Singhal said.
Commenting on the fundraise, Colruyt Group India MD Hari Subramanian said, “…Our association with pi ventures is most opportune as we strongly believe in the digital possibilities where we ourselves are the biggest consumer of tech. We are excited to partner with Pi ventures and their portfolio companies and to leverage our mutual capabilities to contribute actively in the digital evolution.”
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Manish Singhal established pi Ventures in 2016, which primarily invests in early-stage deeptech startups in the field of emerging technologies. Many deeptech startups, such as AgniKul, Pixis, and Wysa, were backed by the VC firm.
About pi Ventures
pi Ventures is an early stage venture fund headquartered out of India. The fund will concentrate on supporting product and technology firms in the fields of AI, ML, and IoT as they rapidly observe hardware and software products combining with AI and ML to generate innovative enterprises across numerous sectors.