Early-stage venture capital fund Pi Ventures has announced the launch of its second fund with an initial target corpus of Rs 565 crore ($75 million approximately).

Founded by Manish Singhal in 2016, Pi Ventures is an early-stage vc fund based in India and focused on artificial intelligence and deep-tech startups. The vc fund is looking to expand the scope of startup investments through the second fund to invest in areas such as biotech, nanotech, material sciences, and spacetech, to name a few.

In the first fund, Pi Ventures raised Rs 225 crore ($30 million) and invested in 13 startups, including Niramai, Locus, Wysa, Agnikul, and Pyxis, among others.

Manish said,

“So far, our investment strategy has worked extremely well, and we have a healthy portfolio of companies that have scaled massively despite the current pandemic situation.”

As per Manish, they have received SEBI approval for the second fund, with a greenshoe option of Rs 185 crore.

The second fund of Pi Ventures aims to invest in around 20-25 startups, largely at the seed and pre-Series A stages with cheque sizes ranging from $0.5-1 million.

The vc fund expects to close the newly launched second fund by the end of this year, and the final target could be in the range of $75-100 million.

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