pi Ventures raises $8-M for Fund II from BII

Pi Ventures, which backs early-stage deeptech firms, had attracted USD 8 million from British International Investment (BII), the UK-based development financial institution, for its new fund. In the first closing of pi Venture's fund II, the firm raised INR 303.5 crore (about USD 40 million) from high-net-worth individuals (HNIs) and family offices. The fund is backed by Nippon India Digital Innovation AIF (NIDIA), Accel, along with family offices of Binny Bansal, Varun Alagh, Anupam Mittal, and Deep Kalra, among others. pi Ventures plans on closing the second fund, at Rs 565-750 crore (approx. $69-92 million), in the March-ended quarter of 2023.