pi Ventures raises $31m

The Bangalore-based venture fund holds a final close of its first fund.

pi Ventures has held a final close of its first fund, pi Ventures Fund I, at INR2.25 billion ($31 million; €26 million) against its fundraising goal of INR1.95 billion ($27 million; €23 million). Fund I will invest in domestic tech start-ups such as health-tech, logistics, retail, fin-tech business in India.

The Fund received 60 percent of its capital from institutional investors. CDC Group UK contributed INR400 million ($5.5 million; €4.7 million), joined by other investors including International Finance Corporation (IFC), Electronic Development Fund, SIDBI, prominent family offices from USA, Canada, Singapore and India and leading entrepreneurs.

Founded in 2016, the firm targets early-stage investment opportunities in Indian tech companies.