Seed to Series A fund research profile
pi Ventures is an India-focused deep-tech manager backing seed and Series A companies where engineering, science or defensible IP is central to the opportunity. Its public portfolio and recent 2026 investment activity give allocators a clear view of the manager’s technology-led mandate without treating every deep-tech company as a pi position.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
pi Ventures uses a seed to series a; deep-tech venture capital approach across AI and ML, spacetech, robotics, life sciences.
Current evidence
pi Ventures published current 2026 deep-tech research and new-investment updates, including Pranos, Velmenni, Armatrix, Aule Space and related portfolio activity.
Strategy
Seed to Series A; deep-tech venture capital
Sector focus
AI and ML, spacetech, robotics, life sciences
AIF structure context
Indian venture capital and angel-fund strategies are commonly structured as Category I AIFs. Verify the specific vehicle and registration before investing.
Current signal
pi Ventures published current 2026 deep-tech research and new-investment updates, including Pranos, Velmenni, Armatrix, Aule Space and related portfolio activity.
Investor questions
pi Ventures is covered in Rupeia's venture capital research universe. The current public record describes the strategy as Seed to Series A; deep-tech venture capital, with a sector focus of AI and ML, spacetech, robotics, life sciences. The profile should be read with the linked source trail and Typical route: Category I AIF context.
The profile displays only company or asset names attributable to pi Ventures in the reviewed public sources: Agnikul Cosmos, Pixis, Ottonomy, Locus, Quanfluence, Zero Cow Factory, Niramai, Wysa, Theranautilus, RagaAI, Clean Electric, Moonrider. It does not represent a complete current portfolio unless the manager has published one.
The manager announced the final close of its second fund at ₹702 crore ($85 million) in 2023. Public manager and company materials identify positions including Agnikul Cosmos, Pixis, Wysa, Niramai, Locus, Quanfluence and Zero Cow Factory; audited fund-level returns are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Fund II final close of ₹702 crore ($85 million) announced in 2023; current combined NAV and undeployed capital are not publicly disclosed.. Public terms or access information: Seed and Series A deep-tech venture investing with public cheque guidance of approximately $250,000–$3 million; complete fund fee, carry, hurdle and liquidity terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Manish Singhal (Founding Partner); Shubham Sandeep (Partner); Milan Roy (AVP); Vinit Agrawal (VP Finance & Legal). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review stage concentration, follow-on reserves, company failure rates, dilution, exit timing and the gap between paper valuations and realised distributions. The current open diligence point is: Vehicle-level net IRR, DPI, TVPI, ownership percentages and complete fee/carry terms are not publicly disclosed. Fund I and Fund II are bundled into one manager record; vehicle-specific positions are not inferred where the public record does not attribute them..
2026-04-08: pi Ventures published current 2026 deep-tech research and new-investment updates, including Pranos, Velmenni, Armatrix, Aule Space and related portfolio activity.
Next step
Share the allocation question, ticket size, liquidity constraints and existing exposure. Rupeia can determine whether this profile needs a deeper decision-support brief.