The firm same in a very statement it raised capital from Hero Enterprise chairman Sunil philosopher Munjal, Hero Electronix’s company funding arm and Canbank Venture-backed Electronic Development Fund.
High net-worth investors additionally participated.
Munjal has been an energetic capitalist in capital funds in recent years, except directly finance in startups. Last year, he backed Aavishkaar Venture Management’s sixth fund—Aavishkaar India Fund—as well as early-stage capital firm Kae Capital’s second fund.
Launched in August 2016, pi Ventures’ fund contains a target corpus of $30 million.
The firm same it expects to form the ultimate shut presently, however failed to specify a timeline.
It had proclaimed the primary shut of its fund in March last year at $13 million, with backing from entrepreneurs as well as Aarin Capital chairman TV Mohandas Pai, Flipkart co-founder Binny Bansal, MakeMyTrip’s Deep Kalra and data Edge’s Sanjeev Bikchandani.
In the same month, it additionally received backing from International Finance Corporation—the World Bank’s private-sector investment arm—and capital firm Accel Partners.
Pi Ventures has endowed in four corporations thus far. These embrace web of Things (IoT)-based energy management startup Zenatix Solutions Pvt. Ltd, wearable medical device startup ten3T and medical technology startup SigTuple Technologies.
Its most up-to-date investment was in carcinoma screening startup Niramai Health Analytix.
Last year, a clutch of huge and little VC corporations as well as IDG Ventures, Endiya Partners, Stellaris Venture Partners and fireplace Ventures proclaimed milestones in their several fundraising efforts.
Earlier this month, VCCircle rumored that IvyCap Ventures Advisors Pvt. Ltd was near to end fundraising for its second fund.
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