BII, previously known as CDC Group, is an active investor in India via direct deals as well as LP investments in private equity and venture capital funds.
Early-stage venture fund pi Ventures, which invests in disruptive Artificial Intelligence and DeepTech startups, announced on Thursday said it has raised Rs 69.5 crore from British International Investment (BII), the UK’s development finance institution and impact investor.
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The investment comes after pi Ventures announced the first closing of its second fund at Rs 303.5 crore early this year, raising funds from entrepreneurs, HNIs, and family offices from across the globe.
With the BII investment, the fund is currently tracking confirmed investments of over Rs 530 crore and plans to do its final close in the first quarter of CY 2023 in the range of Rs 565 crore to Rs 750 crore.
The fund is backed by Nippon India Digital Innovation AIF (NIDIA), Accel, and entrepreneurs & family offices such as Binny Bansal, Varun Alagh, Samit Shetty, Rajesh Ranavat, Vikram Kailas, Anupam Mittal, Hemendra Kothari, Hitesh Oberoi, Ullas Kamath, Deep Kalra, senior leaders from IBM, Facebook and Google among others.
"The fund will invest in start-ups focused on disruptive AI and other forms of deep tech across sectors including, but not limited to Blockchain, Spacetech, Biotech, and Material Science among others. pi Ventures will continue to focus on early-stage (seed/ pre-Series A/Series A) investments via this fund and so far has invested in five startups — ImmunitoAI, Ottonomy.IO, Silence Laboratories, and Preimage. Fund plans to invest in 20 to 25 such startups in the coming two to three years," the company said in a statement.
BII, previously known as CDC Group, is an active investor in India via direct deals as well as LP investments in private equity and venture capital funds. It supports private sector growth and innovation across sectors such as green infrastructure, technology, financial services, health, logistics, and others that need long-term, patient capital.
Established in 2016 by Manish Singhal, pi Ventures closed its Fund I of Rs 225 crore in 2018. The first fund exceeded its target and was oversubscribed and has backed 15 deep tech startups including Niramai, Pyxis, Wysa, Agnikul, and Locus to name a few. The second fund was launched in March 2021 with a base target corpus of Rs 565 crore and including green shoe a target of Rs 750 crore.