SynopsisFounded in 2016, Pi Ventures launched its first fund with a corpus of about $30 million, focussed on artificial intelligence (AI) and deeptech startups. In 2022, it announced its second fund with a target corpus of $85 million, backed by British International Investment (BII), International Finance Corporation (IFC), SIDBI, and family offices.Pi Ventures, one of India's earliest deeptech-focussed venture capital (VC) firms, is preparing to exit investments from its first vehicle, Fund 1, as it approaches the end of its lifecycle, said people familiar with the matter. The buzz around this is circulating even as the Bengaluru-based firm is in early conversations to raise its third fund amid heightened scrutiny over its governance and portfolio returns, multiple people told ET.FounderNow Playing