pi Ventures Investment Trust (IFC-39421)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 24, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
PI VENTURES FUND I
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Mar 21, 2017


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Project Description

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.

Investment Description
  • International Finance Corporation (IFC)

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.

Private Actors

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.

Contact Information

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