Fund News
pi Ventures raises Rs.100-Cr from SIDBI's F-o-F for second fund
Early-stage investor venture fund pi Ventures has secured a commitment of INR 100 crore from the Small Industries Development Bank of India (SIDBI)-managed Fund of Funds Scheme (FFS) for startups for its second fund. The second fund was launched in March 2021 with a base target corpus of INR 675 crore, including a green shoe target of INR 750 crore. FFS' second investment in pi Ventures is nearly 2.5X what it had invested in the first fund. pi Ventures had recently attracted INR 22 crore from Belgium's Colruyt Group. pi Ventures announced the first close of its Fund II at INR 303.5 crore in Jan 2022, with investments from entrepreneurs, HNIs and family offices from across the globe. So far, the fund has invested in seven startups including immunitoAI, Ottonomy.IO, Silence Laboratories, Preimage, and three others. It plans to invest in 20-25 such startups in the next 2-3 years. pi Ventures closed its Fund I at INR 225 crore in 2018.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
