In an exclusive conversation with Indian Startup Tribune, Manish Singhal, Founding Partner at pi Ventures, shares his journey from being an engineer and entrepreneur to becoming one of India’s foremost deep tech investors. He reflects on India’s evolving innovation ecosystem, the growing strength of deep tech entrepreneurship, and how pi Ventures is helping shape this transformation.

From Technologist to Venture Capitalist

Manish Singhal describes himself as “an engineer at heart.” With more than two decades of experience building technology products at companies like Motorola,Ittiam and Sling Media, his transition into venture capital was driven by a realization — while innovation in India was rising, it lacked the right kind of financial support.

“During the early 2000s and 2010s, I saw many strong innovations fail to receive the capital they needed,” he recalls. “After exiting my startup in 2010, I began angel investing and co-founded LetsVenture. But I soon realized that to truly make a difference, I needed to start a fund that could back founders with conviction.”

That idea led to the creation of pi Ventures, a firm with a mission to back early-stage, product-driven technology startups building from India for the world.

An Operator’s Perspective in Venture Capital

India’s venture capital ecosystem has historically been dominated by professionals from finance backgrounds. Singhal along with his team thought that the Indian ecosystem could be well served by operator-turned-investors who bring hands-on experience in building and scaling businesses.

“Company building has many nuances,” he explains. “If any of our  experiences as operators, helps founders unlock something truly valuable, that is truly win-win.”

This operator-first philosophy soon became a defining element of pi Ventures’ identity.

Defining pi Ventures’ Investment Philosophy

Having spent years developing cutting-edge technologies, Singhal’s investment approach is grounded in deep technical understanding.

“I’ve always worked on the cutting edge — compression systems, communication systems, media technologies — and that helped me understand how technologies evolve and where potential inflection points lie,” he says.

That technical intuition enables pi Ventures to identify innovation early. “If I started doing consumer investments, I’d probably struggle,” he adds with a smile. “But in cutting edge technology, our understanding of the technology trends helps to spot disruptions early”.

Placing India on the Deep Tech Map

pi Ventures aims to help position India as a major player in the global deep tech ecosystem — and Singhal believes that shift is already underway.

“When we first spoke about putting India on the deep tech map, it may have sounded ambitious — but it’s happening now,” he says. “Companies like Agnikul are a living proof.”

Agnikul, one of piVentures’ earliest bets, has built the world’s first fully 3D-printed rocket engine, enabling affordable satellite launches.

“That’s a unique global innovation coming from India,” he notes. “When customers around the world start choosing Indian technology, that’s real progress.”

Beyond AI: Expanding Deep Tech Horizons

While piVentures initially (in Fund 1) focused heavily on artificial intelligence, the firm’s portfolio has evolved significantly.

“AI is now becoming mainstream — more of an engineering problem than a deep tech challenge,” he says. “Our newer investments span across space tech, semiconductors, quantum computing, advanced robotics, and aerospace engineering etc”

pi Ventures remains sector-agnostic within deep tech, backing innovation across both digital and physical technologies.

Challenges for Deep Tech Founders

Building deep tech ventures in India isn’t without hurdles. Singhal points out the longer gestation periods and infrastructure gaps as major challenges.

“Unlike consumer startups that can reach the market quickly, deep tech ventures often take five to six years to become commercially viable,” he explains.

Access to high-end lab facilities is another constraint. “That’s why collaborations with institutions like IITs and other universities are critical. They give startups access to the infrastructure they need,” he adds.

Singhal also highlights regulatory bottlenecks and compliance burdens.

“Running a private limited company in India isn’t getting easier — compliance costs are rising. ”

While he acknowledges the government’s efforts to support deep tech, he stresses the need to bridge the gap between policy intent and execution.
“The intent is good, but operationalization is weak. We need to close that gap,” he says.

On Founders and What He Looks For

“Our primary role is to create value for our investors,” he says. “In that process, we collaborate closely with founders, but we don’t guide them top-down.Idea is to be around as a helping hand in building truly global companies”

He believes there’s no single formula for a great founder.
“Every startup is unique. We look for founders with the skills, clarity, and resilience to achieve their vision. There’s no fixed template.”

What’s Next for pi Ventures

As pi Ventures continues deploying its second fund, the focus remains on identifying promising deep tech startups while supporting existing portfolio companies as they scale.

“We have more to do with our second fund. Some of our earlier companies are maturing, and we want to continue supporting them. At the same time, we’re scouting for exceptional founders working at the frontiers of technology.”

Advice for Aspiring Deep Tech Founders

For entrepreneurs pursuing deep tech ventures, Singhal offers pragmatic advice:

“Be passionate about your technology — but also not be infatuated with it at the same time. One must be able to step back, understand the market, and translate the technology narrative into a clear business narrative. That’s how great companies are built.”

An Exclusive Interview By: Arushi Agarwal