Piper Serica launches Rs 800 Cr Bharat Tech Fund

Piper Serica, a Mumbai-based asset manager with over Rs 1,400 crore in assets under management (AUM) across public and private markets, has launched Bharat Tech Fund, a Category II Alternative Investment Fund (AIF) with a total target corpus of Rs 800 crore. This includes Rs 600 crore in primary fund raise and Rs 200 crore as green shoe option.

Bharat Tech Fund will invest at the Series A and B stages with cheque size in the range of Rs 25-50 crore for each startup. It is aiming at a gross internal rate of return of 30% over a period of six years.

Piper Serica started investing in startups from 2022 in the early stage category through Category I AIF across the sectors of semiconductors, AI, spacetech, defence technology, biosciences and fintech infrastructure, with 35 investments to date.

"For the first time, Indian founders are building IP-led, engineering-first businesses that are globally competitive, not just domestically relevant. We invest in founders who demonstrate three things: the technical depth to build something genuinely defensible, the leadership capacity to build an organisation around it, and the commercial discipline to scale it with unit economics that hold," Ajay Modi, Director at Piper Serica, said.

According to this firm, the first fund within three years recorded two exits, including a partial exit in Alt Mobility at approximately 10.2x. It has participated in eight follow-on rounds and 14 of its portfolio companies have raised their next institutional round.

The Bharat Tech Fund will back technology companies built on proprietary intellectual property across key core sectors: semiconductors and advanced electronics, artificial intelligence, space and defence technology, fintech and biosciences.

According to Piper Serica, its investment process combines its proprietary AI tool called Yoda.ai along with on-ground diligence through active participation within India’s deeptech ecosystem, including engagements with institutions such as IIT Madras, IIT Delhi, IIT Bombay, IISc Bengaluru and government innovation platforms including iDEX, IN-SPACe, and DRDO.