Piper Serica, a Mumbai-based asset manager, has launched the Bharat Tech Fund, a Category II Alternative Investment Fund (AIF) targeting a corpus of Rs 800 crore, including a Rs 200 crore green shoe option. The fund will invest in deeptech startups at Series A and B stages, with cheque sizes ranging from Rs 25-50 crore, aiming for a 30% gross internal rate of return over six years, according to yourstory.com and inc42.com.
The fund’s primary corpus is Rs 600 crore, with the option to expand by Rs 200 crore. Piper Serica focuses on sectors such as semiconductors, AI, spacetech, defence technology, biosciences, and fintech infrastructure. The firm leverages proprietary AI screening tools like Yoda.ai and collaborates with institutions including IIT Madras, IIT Delhi, IIT Bombay, IISc Bangalore, and government innovation platforms like iDEX, IN-SPACe, and DRDO to identify promising startups. Ajay Modi, Director at Piper Serica, emphasized their investment criteria centered on technical depth, leadership, and commercial discipline.
This fund launch is significant as it reflects growing investor confidence in India’s deeptech ecosystem, which demands substantial capital and technical expertise. Piper Serica’s prior early-stage investments through a Category I AIF since 2022 have resulted in 35 investments and two exits, including a partial exit in Alt Mobility at a 10.2x return. The Bharat Tech Fund’s focus on scalable, IP-led engineering businesses aligns with the increasing global competitiveness of Indian deeptech startups.
Piper Serica plans to deploy the Bharat Tech Fund’s capital over the next six years, targeting startups with strong unit economics and defensible technology. The firm’s ongoing partnerships with premier academic and government innovation bodies suggest continued deal flow and strategic support for portfolio companies, with follow-on rounds and exits expected to track the fund’s performance.