International Finance Corporation (IFC), a part of the World Bank Group, is investing USD 3mn in pi Ventures maiden fund.
The amount will be used by the early stage venture fund to invest in companies leveraging technologies such as applied artificial intelligence (AI), machine learning and IoT across a range of sectors, it said in a statement here.
IFC is making investments through the IFC Startup Catalyst programme, which aims to build local ecosystems to drive innovation and entrepreneurship.
IFC’s venture capital investments in India include online grocery major BigBasket, edutech startup Byju’s, Portea, a company providing affordable home care and BlackBuck, a leading player in elogistics.