Pi Ventures

What Pi Ventures does

Pi Ventures is an India-based early-stage venture capital firm founded in 2016 that exclusively invests in deep-tech and AI startups. The firm is operated by Pi Partners LLP from Bangalore and manages two SEBI-registered Category I Alternative Investment Funds: Fund 1 (PI Ventures Investment Trust, IN/AIF1/16-17/0236, INR 225 crore) and Fund 2 (PI Ventures Investment Trust II, IN/AIF1/20-21/0867, INR 702 crore / approximately $85 million at final close in August 2023). Across both funds the firm has backed 25+ portfolio companies at Seed to Series A stages with cheque sizes of $250k–$3 million, spanning artificial intelligence, robotics, quantum computing, space technology, life sciences, fusion energy, advanced materials, photonics, and semiconductors. Portfolio companies include Agnikul Cosmos (3D-printed rockets), Pixis (AI marketing automation), Locus (AI logistics), Ottonomy (autonomous delivery robots), Quanfluence (photonic quantum computing), Wysa (AI mental health), Velmenni (FSO/Li-Fi communications), Pranos Fusion (nuclear fusion), LightSpeed Photonics (optical interconnects), Moonrider (electric tractors), Helex (gene therapy), and Armatrix (inspection robotics), among others.

The firm's investment process is built on three proprietary analytical frameworks — the Demand-Supply Resonance Map, the Market Centricity Framework, and the Portfolio Application Framework — which systematize thesis building across demand maturity and technology defensibility dimensions, guide go-to-market strategy per quadrant, and track portfolio company trajectories over time. Beyond capital, Pi Ventures provides a 'fill-in-the-blank' operational support model covering customer discovery, investor introductions, and leadership hiring, and invests with a stated patience for long deep-tech innovation cycles. Deal flow is sourced via direct founder outreach, warm referrals, IIT ecosystem partnerships (IIT Madras, IIT Kanpur, IIT Delhi, IIT Kharagpur), co-investor networks, and proprietary community programs (pi Fellows, #chAI meetups, pi Cafe), supported by thought-leadership content including the annual Deep Tech Shifts report series.

Revenue is generated through the standard VC economics of management fees on the two AIF vehicles plus carried interest on returns above the hurdle rate. The firm's direct clients/portfolio targets are visionary deep-tech founders, primarily in India with an explicit mandate to consider international startups with a 'Deep India Connect'; the Limited Partner base comprises institutional and high-net-worth investors committed to India's emerging deep-tech ecosystem. Pi Ventures is privately held, not publicly traded, and is managed by a team led by Founding Partner Manish Singhal and Partner Shubham Sandeep.

Name

Pi Ventures

Legal name

Pi Partners LLP

Website

https://piventures.in

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Pi Ventures is an India-based early-stage venture capital firm founded in 2016 that exclusively invests in deep-tech and AI startups. It manages approximately $85 million across two SEBI-registered Category I AIF funds, writing $250k–$3 million cheques across 25+ portfolio companies spanning AI, robotics, quantum, space tech, and life sciences.

Ownership category

akta.pro rank

Product category

Venture Capital Services

NAICS

All Other Financial Investment Activities (52399), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital fund
• Deep tech investing
• Early stage capital
• Ai venture capital
• Seed series funding

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: Pi Ventures charges management fees on its AIF funds (Fund 1: PI VENTURES INVESTMENT TRUST, IN/AIF1/16-17/0236; Fund 2: PI VENTURES INVESTMENT TRUST II, IN/AIF1/20-21/0867) as a standard VC fund structure. Fund size is $85 million current fund size.
2. Carried Interest (Carry): Standard venture capital carried interest structure on fund returns above the hurdle rate, as a Category I AIF - Venture Capital Fund registered with SEBI.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Pi Ventures is an early-stage venture capital firm that makes Seed and Series A investments in deep-tech and AI startups. The firm manages two SEBI-registered Category I AIF - Venture Capital Funds (Fund 1 and Fund 2) with a current combined fund size of approximately $85 million, writing cheques of $250k to $3 million per portfolio company. Beyond capital, Pi Ventures provides 'fill-in-the-blank' operational support including customer discovery, investor connects, and leadership hiring across sectors including AI, robotics, quantum computing, life sciences, space tech, energy, and advanced materials.

Product overview

Pi Ventures is a pioneering deep-tech and AI-focused venture capital fund in India. The fund manages approximately $85 million across two funds (Fund 1 and Fund 2), with cheque sizes ranging from $250k to $3 million for early-stage investments. With 9 years of operation and 25+ portfolio companies, Pi Ventures backs founders building disruptive technologies across diverse sectors including artificial intelligence, robotics, quantum computing, life sciences, spacetech, energy, materials, and communications. The portfolio includes companies such as Agnikul Cosmos (3D-printed rockets), Pixis (AI marketing automation), Ottonomy (autonomous delivery robots), Locus (AI logistics), Quanfluence (quantum computing), Wysa (AI mental health), Theranautilus (nanorobotics), Velmenni (optical wireless), Zero Cow Factory (alternative proteins), LightSpeed Photonics (optical interconnects), Helex (gene therapies), Armatrix (inspection robots), Pranos Fusion (nuclear fusion), Orbitt Space (satellite propulsion), Moonrider (electric tractors), and Aule Space (satellite life extension), among others.

Differentiator

Problem solved

Functional benefit

Brands

• pi Fellows: A hands-on educational program for deeptech investment, launched in early 2020 as practical sessions for aspiring investors.
• #chAI
• pi Cafe
• Deep Tech Shifts

Products and services

• PI VENTURES INVESTMENT TRUST (Fund 1) Pi Ventures' first SEBI-registered Category I Alternative Investment Fund (AIF) - Venture Capital Fund, providing Seed and Series A stage capital to early-stage deep-tech startups in India. Sponsors include Pi Partners LLP and In Colour Capital Inc. Managed by Founding Partner Manish Singhal and Partner Shubham Sandeep, with cheque sizes of $250k to $3 million.
• PI VENTURES INVESTMENT TRUST II (Fund 2) Pi Ventures' second SEBI-registered Category I AIF - Venture Capital Fund, providing Seed and Series A stage capital to early-stage deep-tech startups in India. Sponsored by Pi Partners LLP. Final close of approximately $85 million (Rs 702 crore) in August 2023. The fund targets AI, robotics, quantum computing, life sciences, space tech, energy, and advanced materials sectors.

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• LetsVenturecoreStrategic or Co-development PartnerLetsVenture is a co-investment and deal-sourcing partner. Manish Singhal, Pi Ventures' Founding Partner, co-founded LetsVenture and led it to become the leading marketplace for startups and early-stage investors in India. Pi Ventures co-invests alongside LetsVenture on deal flow.
• IIT MadrascoreStrategic or Co-development PartnerPi Ventures portfolio company Agnikul Cosmos is IIT Madras-incubated. The firm leverages India's premier IIT institutions for sourcing and co-developing deep-tech ventures. Quanfluence has established deep partnerships with IIT Madras & IISER Mohali for photonics and quantum research.
• IIT KanpurcoreStrategic or Co-development PartnerPi Ventures' founding team (Manish Singhal is IIT Kanpur alumnus) and portfolio company Armatrix (founded by IIT Kanpur graduates) leverage the institution's engineering talent and research capabilities for deep-tech ventures.
• IIT DelhiminorStrategic or Co-development PartnerPartner Shubham Sandeep is IIT Delhi alumnus. The firm leverages IIT Delhi's ecosystem for talent and deal sourcing in the deep-tech space.
• IIT KharagpurminorStrategic or Co-development PartnerTeam member Sparsh Kumar holds a B.Tech from IIT Kharagpur. The firm taps into IIT Kharagpur's aerospace and engineering talent pool for deep-tech investments.
• Vistra ITCL (India) LimitedminorOthersServes as Trustee for PI VENTURES INVESTMENT TRUST (Fund 1), ensuring regulatory compliance and investor protection for the SEBI-registered Category I AIF.
• Institute for Plasma ResearchminorStrategic or Co-development PartnerPranos Fusion has collaborations with the Institute for Plasma Research and global fusion programs. Pi Ventures is an investor in Pranos Fusion.
• CIIE (IIM Ahmedabad)minorStrategic or Co-development PartnerCo-invested in Agnikul Cosmos' pre-Series A round. CIIE is IIM Ahmedabad's innovation and entrepreneurship center.
• immunitoAIminorOthersPi Ventures launched its Fund 2 with an investment in immunitoAI, an AI startup developing antibody therapeutics using generative AI that reduces development time from 4-5 years to 11-12 months.

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Speciale Invest: Bengaluru-based early-stage venture capital fund focused on deep-tech and enterprise-tech startups in India. Direct peer to Pi Ventures in thesis, stage (Seed/Series A), geography, and target sectors (AI, spacetech, robotics), and frequently co-invests alongside Pi Ventures (e.g., Agnikul Cosmos).
• Ankur Capital: India-focused early-stage VC investing in deep-tech and science-led startups across health, agriculture, and climate. Direct peer given overlapping deep-tech thesis and co-investment activity (co-led Pranos Fusion $6.8M with Pi Ventures).
• 3one4 Capital: Bengaluru-based early-stage VC investing across consumer, fintech, and deep-tech. Direct peer in stage and India focus, with co-investment alongside Pi Ventures in Pandorum Technologies Series B.
• Endiya Partners: India-focused early-stage VC with deep-tech and SaaS thesis. Direct peer given stage, geography, and co-investment with Pi Ventures (Pandorum Technologies); both pursue founder-led deep-tech bets in India.
• Unicorn India Ventures: Mumbai-based early-stage VC investing in Seed/Series A startups across India. Direct peer given shared stage and geography; team overlap (Sparsh Kumar's prior 5+ years at Unicorn India Ventures) reinforces comparability.

Broad incumbents

• Chiratae Ventures: India-focused technology VC (formerly IDG Ventures India) with broader sector coverage and larger fund sizes. Comparable as a co-investor alongside Pi Ventures (Pixis Series A) and as a broader-incumbent India tech investor with deeper pockets.
• Blume Ventures: One of India's leading early-stage VCs with broad tech coverage and a Pre-Seed/Seed/Series A focus. Broad incumbent peer given overlapping early-stage Indian tech investing and comparable LP base.
• Kalaari Capital: Bengaluru-based early-stage Indian VC with broad tech thesis including deep-tech. Broad incumbent peer given similar India early-stage focus and larger fund vehicles; competes for the same founder pool.

Emerging players

• Antler: Global early-stage VC with active India presence (Antler Elevate). Comparable as an early-stage, operator-led investor; Sparsh Kumar's prior stint at Antler Elevate reinforces peer relationship, though Antler's thesis is broader than deep-tech-only.
• Stride Ventures: India-based growth-stage VC with deep-tech/health-tech exposure. Emerging player peer given co-investment alongside Pi Ventures (Pandorum Technologies $18M Series B), though Stride typically invests at later stages and via venture debt structures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/piventures
• LinkedInlinkedin.com/company/pi-ventures
• Facebookfacebook.com/piventuresin

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments55 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pi Ventures