Kolkata: Bengaluru-based pi Ventures, which seeks to raise $30-40 million in its maiden fund, is in talks with International Finance Corporation for an investment up to 20% of total commitment.
“IFC proposes an equity investment of rupee equivalent of $3 million, not to exceed 20% of total commitments,” it said in a disclosure. The investment is through the IFC Startup Catalyst program and is intended to support local innovation and entrepreneurship.
The fund looks to make equity investment or equity-linked investment in startup projects that use artificial intelligence or machine learning at a time when companies are looking to explore robotics and automation to improve return.
The investments will be made in the field of healthcare, smart cities, fintech, retail, cyber security, logistics and enterprise automation across India.
The fund has already raised $13 million from Small Industries Development Bank of India and entrepreneurs such as TV Mohandas Pai and Binny Bansal. It has backed three projects so far — medical diagnostic startup Sigtuple, heart monitoring startup ten3T Health (Cicer) and energy maangement company Zenatix.
The fund is governed by Vistra ITCL (India) Ltd (formerly IL&FS Trust Company), which will supervise over its operations. pi Ventures was founded by Manish Singhal and Umakant Soni in 2016.
Source: The Economic Times
