The proposed project is an investment in Pi Ventures Investment Trust (or “Pi Ventures” or the “Fund”), registered with the Securities and Exchange Board of India (“SEBI”) as a Category I Alternative Investment Fund under the SEBI (AIF) Regulations, 2012. The Fund will invest in equity and equity linked instruments in 20-24 Artificial Intelligence (“AI”) / Machine Learning (“ML”) / Internet of Things (“IOT”) enabled companies focused on healthcare, smart cities, fintech, retail, cyber security, logistics and enterprise automation across India.
The investment is through the IFC Startup Catalyst (“ISC”) program and is intended to support local innovation and entrepreneurship. Through ISC, IFC invests in sustainable seed stage funding mechanisms, including accelerators and seed funds, to support early stage local entrepreneurship on a global basis.
The Fund is governed by Vistra ITCL (India) Limited (Formerly IL&FS Trust Company Limited, India) (“Trustee”) which will exercise control and supervision over operations.
Pi Partners LLP, India (“Investment Manager”), founded by Manish Singhal and Umakant Soni (collectively “Founders”) will be engaged by the Fund to serve as its investment advisor.
The Fund seeks to raise US$30 to 40 million in capital commitments, subject to necessary approvals from the Trustee. IFC proposes an equity investment of INR equivalent of US$3 million, not to exceed 20% of total commitments.
Pi Ventures Fund I specializes in early stage and startup investments and follow-on investments till the series A stage. It seeks to invest in sectors such as internet of things, drones, machine learning, artificial intelligence, and electronic and hardware products and companies that focus on solving problems in healthcare, logistics, retail, fin-tech, and enterprise sectors using AI, Machines Learning, and IoT.
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