Embassy Group, a real estate company, has invested in Pi Labs' new fund, which will invest in proptech startups. Pi Labs was the first venture capital company in Europe to focus solely on proptech companies when it launched in 2014.

The group is into real estate development for verticals like commercial, residential, hospitality, industrial warehouse spaces, services, retail, and education. The company has built projects in a number of Indian cities, including Bengaluru, Chennai, Hyderabad, Pune, Coimbatore, and Trivandrum, as well as in two foreign countries. Jitu Virwani, Chairman and Managing Director of the Embassy Group, is the group's chief.

Embassy Group has entered Pi Labs as a limited partner in its current Fund 3, according to a statement from the Bengaluru-based firm.

The sum invested in the fund by the company was not disclosed.

Pi Labs will gain access to Asia as a result of the strategic investment, while Embassy Group will gain unrivalled access to global proptech startups.

"Our investment in Pi Labs is forward-looking, with the intention of identifying and experimenting with innovations from visionary startups to deploy in our properties, accelerate our consultative capabilities with customers, and augment Embassy Group's legacy strengths to prepare for the next two decades," Embassy Group COO Aditya Virwani said.

The Embassy Group is a well-known developer in the country, particularly in the office sector. It had also founded the country's first Real Estate Investment Trust (REIT). The company also owns WeWork India.
With over 55 investments in its portfolio, Pi Labs is Europe's most successful proptech VC.