Embassy joins Pi Labs’ 3rd fund as limited partner
BENGALURU: Real estate developer Embassy Group on Thursday said it has joined proptech venture capital (VC) firm Pi Labs’ third fund as a limited partner (LP).
The investment will support its aim to transform the real estate sector through innovative technology, drawing on synergies from Pi Labs’ proptech ecosystem, the Bengalurubased firm said.
The Covid-19 pandemic has led to faster digital adoption by the real estate sector as physical site visits and sales remain restricted.
Pi Labs has more than 55 investments in its portfolio and had launched Fund 1 in 2015 and Fund 2 in 2017. It is currently fundraising for Fund III which had its first close in early 2020 after securing €23 million of investment.
The strategic investment by Embassy Group will form a gateway for Pi Labs and its portfolio companies in Asia. It will also enable Embassy to access Pi Labs’ innovation, research and new ideas in building environment technology.
This will let Embassy Group work with newer technologies in its properties across India. It will also receive priority access to innovative startups in Pi Labs’ network, including those emerging from its accelerator. As an LP, it will be able to shape proprietary research and co-invest alongside Pi Labs for select opportunities.
“We have made investments in over 10 countries across three continents, and this strategic partnership will allow us to draw on synergies with Embassy Group and its leadership in Asia to support our increasingly global strategy,” said Faisal Butt, chief executive officer and founder, Pi Labs.
“By welcoming Embassy Group to our ecosystem, we are able to deploy and trial technologies across their diverse properties in Asia, taking high growth startups mainstream, and continuing to elevate the category around the world. As proptech continues to thrive across innovation hubs globally, we will continue to identify active partnerships, such as this one with Embassy Group, to help our portfolio companies scale into international markets,” he said.
Embassy Group has a wide interest in the real estate sector, including business parks, commercial real estate, industrial parks, and hospitality.
It caters to a wide swathe of client organizations and diverse industries whose demands and expectations also vary widely.