Pi Ventures has raised Rs 300 crore in the first close $100 million second fund. The combination of rupee and dollar funds was raised from high net-worth individuals and offices of India and abroad. The rest funds will be raised from institutional investors.

The company is expecting a final close in the next six months, Manish Singhal, founding partner of Pi Ventures, said. The funding includes $75 million of base capital and a $25 million greenshoe option. The company has already got approval for the new funds from the Securities and Exchange Board of India (SEBI). The company has investors like Agnikul, Locus, Wysa via its first fund. It plans to invest the new funds in nearly 20 to 25 startups.

Founded in 2016 by Manish Singhal, Pi Ventures said it would continue to fund companies in the early stage and focus more on space technologies, material sciences, biotech and life sciences. Pi Ventures invests between $5 lakh to $1 million in startups in its first engagement, which can increase up to $2 million during the pre-Series A or Series A funding rounds.