pi Ventures Research
Investment Thesis
pi Ventures describes itself as India's pioneering deep-tech and AI fund, making high-stake bets on disruptive, early-stage companies. The firm was an AI-first fund in its first vintage (Fund I deployed in 2017-18, when applied AI was the cutting edge) and has since widened to the convergence of AI, high-performance compute and materials science breakthroughs. Its stated thesis rests on three pillars: quantum leaps (10x differentiation from the status quo, with IP-led companies able to win even in crowded markets), Indian roots with global shoots (Indian innovators solving global problems), and future-ready teams that are tech-smart, business-savvy and persistent. Its beliefs are that India will be a global deep-tech powerhouse, that fundamental tech innovation will change the world, and that irrational ideas meeting exceptional founders produce transformation.
Sector Focus
The site lists portfolio sectors of aerospace, AI, automotive, communication, cryptography, cyber security, energy, life sciences, materials, quantum, robotics, semiconductors and spacetech. The FAQ adds machine learning, advanced materials and sustainability. Portfolio examples include 3D printed rockets (Agnikul), satellite docking (Aule Space), air-breathing propulsion for very low earth orbit (Orbitt Space), photonic quantum computing (Quanfluence), optical interconnects (LightSpeed Photonics), snake-like inspection robots (Armatrix), gene therapy for renal disease (Helex Bio), nanorobotics (Theranautilus), precision fermentation (Zero Cow Factory), EV batteries (Clean Electric) and nuclear fusion (Pranos).
Stage Focus
The firm says it primarily invests at Seed and Series A, and will back companies with no revenue if the technology foundation is strong and there is a clear path to scale. Its own posts show earlier pre-Series A checks (Agnikul, Wysa, Frontdesk.ai, Customer Success Box) and one Series B (SigTuple, 2018), mostly from Fund I.
Check Size
The firm does not publish check sizes. Third-party profiles (Indian VC directories) cite roughly $250K to $2.5M; treat this as low confidence. Seed rounds it has led or co-led were in the $0.75M to $4M range (Insane AI $873K seed, LimeChat $750K seed, Ottonomy $3.3M seed round, Zero Cow Factory $4M).
Lead Tendency
The firm says it matches boldness with boldness by leading investments others might shy away from. It has led seeds (Insane AI, Zero Cow Factory, Preimage) and co-led a Series A (Ai Palette), and also follows in later rounds (Pixis Series C alongside SoftBank and General Atlantic). Marked as both.
Recent Activity
Fund II closed in August 2023 at $85M (Rs 702 crore), after a $40M first close in January 2022; British International Investment committed about $8M. The firm announced new investments steadily through 2025 and 2026: Orbitt Space (May 2025), RepelloAI (June 2025), Green Aero (July 2025), Helex Bio (October 2025), LightSpeed Photonics (November 2025), Moonrider (December 2025), Aule Space (January 2026), Armatrix (February 2026), Velmenni (March 2026) and Pranos (March 2026). That pace suggests Fund II is still actively deploying. No Fund III announcement was found.
Portfolio Highlights
Notable companies include Agnikul Cosmos (Series B of about $27M in 2023; its engine variant powered India's first controlled-ascent rocket), Pixis ($100M Series C from SoftBank and General Atlantic in 2022), Locus (logistics AI), Wysa (mental health chatbot, Series B in 2022), Ottonomy, SigTuple, Quanfluence and Zero Cow Factory. The portfolio page tags four companies as Exited but, as read, does not attribute the tags to named companies, so no exits are recorded.
Team
- Manish Singhal, Founding Partner: technologist turned entrepreneur turned VC with 33+ years of experience; roles at Motorola, Ittiam and Sling Media; co-founded LetsVenture. IIT Kanpur alumnus.
- Shubham Sandeep, Partner: serial entrepreneur; co-founded Aeon Solaris (exited to Amplus Solar); former CCO of Skytree; Forbes 30 Under 30 Europe 2019; IIT Delhi alumnus.
- Milan Roy, AVP: ed-tech co-founder turned VC; IIT Delhi alumnus.
- Vinit Agrawal, VP - Finance & Legal: Chartered Accountant with nearly a decade in private equity and fund administration.
Decision Process
A small partnership led by the Founding Partner. Pitch decks go to [email protected] or through LinkedIn; the firm evaluates technology strength, team, market potential and thesis fit. The process timeline is not published.
Founder Preferences
Deep-tech founders with IP-led, scientifically grounded products, ideally ex-founders or operators themselves. The firm offers a fill-in-the-blank support model: customer discovery, investor introductions and leadership hiring. It also runs the pi Fellowship and pi Cafe community programs.
Geographic Focus
Primarily Indian startups. International startups are considered only with a Deep India Connect, meaning a significant market, operating presence or strategic relevance in India.
Gaps
Check size, decision timeline and warm intro requirements are not published. The portfolio page names no companies in captions, so company names come from the firm's own investment posts and homepage; domains are left blank for validation to discover.