IFC set to back India's Pi Ventures

IFC will make the investment through the IFC Startup Catalyst program, which supports early stage venture capital investors, incubators and accelerators in emerging markets. In a disclosure the development finance institution (DFI) said its commitment will not exceed 20% of the total fund size.

Pi’s fund, which is targeting $30 million, recently announced a first close of $13 million, having received contributions from the Small Industries Development Bank of India, Indian entrepreneurs, and family offices from North America and Asia. The vehicle will focus on early-stage start-ups developing AI and machine learning technology to solve problems in the healthcare, logistics, retail and financial services sectors.

By supporting Pi, IFC hopes to help fill India’s early-stage capital void and create sustainable ecosystems for entrepreneurship and venture capital in the country. The DFI also expects Pi’s portfolio companies to create over 100 jobs in the near term, supporting another of IFC’s development goals.

Pi has made three investments since its founding last year, including a $5.8 million Series A round for healthcare-focused AI start-up SigTuple led by Accel Partners, along with commitments to energy efficiency consultancy Zenatix and medical data app developer ten3T.

IFC is a frequent backer of early-stage investors in South and Southeast Asia, with recent commitments including an accelerator fund launched by Unitus-backed Capria Ventures and Singapore-based Jungle Ventures’ second fund. The DFI has also invested directly in a variety of Indian technology companies.

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• Topics
• South Asia
• Fundraising
• GPs
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• Technology
• India
• IFC
• seed