UP Startup PolicyFAQ For StartupFAQ For IncubatorPrivacy PolicyTerms and ConditionsHelp Established in low cost business franchise opportunities 2016 by Manish Singhal, pi Ventures closed its Fund I of Rs 225 crores (30 million) in 2018. The first fund exceeded its target and was oversubscribed and has backed 15 deep tech startups including Niramai, Pixis, Wysa, Agnikul, Locus to name a few. The second fund was launched in March 2021 with a base target corpus of Rs 675 crores (90 million) and including green shoe a target of Rs 750 crore (100 million). “We are now introducing an internal rating model which will score the VC funds on the basis of various criteria like management quality, the performance of the fund, their focus etc. If the firms are able to cross the threshold score, they will be eligible to receive funding under the fund of funds scheme,” Mustafa said.