 "IFC to invest in IL&FS Trust-controlled PI Ventures")
International Finance Corporation (IFC) is planning to make an equity investment in PI Ventures Fund I, a new fund, which will be controlled by Vistra ITCL (India) Limited (Formerly IL&FS Trust Company Limited, India).
The new fund seeks to raise $30-40 million in capital commitments, subject to necessary approvals from the Trustee (Vistra ITCL). IFC has proposed an equity investment of Indian Rupee equivalent of $3 million, not to exceed 20 per cent of total commitments, said IFC.
PI Ventures Investment Trust is registered with the Securities and Exchange Board of India as a Category I Alternative Investment Fund. 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.
PI Ventures is planning to support 20-24 early stage companies, helping to fill the void of early stage capital.
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