Mumbai-based asset manager Piper Serica has announced the launch of Bharat Tech Fund, a Category II Alternative Investment Fund (AIF) with a target corpus of INR 600 crore and a green-shoe option of INR 200 crore, taking the total potential fund size to INR 800 crore.
Through the new fund, Piper Serica aims to strengthen its focus on India’s growing deeptech and IP-led startup ecosystem by investing in growth-stage technology companies across semiconductors, artificial intelligence, spacetech, defence technology, biosciences, and fintech infrastructure.
The fund will primarily invest in Series A and Series B startups, with cheque sizes ranging between INR 25 crore and INR 50 crore per company. Piper Serica is targeting a gross IRR of nearly 30% over an average holding period of six years.
Since 2022, Piper Serica has actively invested in India’s startup ecosystem through its Category I AIF, building an early-stage portfolio with 35 investments across deeptech sectors. The firm has already recorded two exits, including a partial exit in Alt Mobility at nearly 10.2x returns. It has also participated in eight follow-on funding rounds, while 14 portfolio startups have gone on to raise institutional capital. The firm stated that the portfolio has seen zero write-offs so far.
According to Piper Serica, the Bharat Tech Fund is a continuation of its existing investment strategy, now expanded towards growth-stage opportunities.
Commenting on the launch, Ajay Modi, Director at Piper Serica, said India is witnessing a major shift towards building globally competitive, engineering-led businesses rather than purely consumption-driven companies.
He added that the firm is looking to back founders with strong technical expertise, leadership capabilities, and disciplined business execution to build long-term sustainable companies.
Piper Serica currently manages over INR 1,400 crore in assets across public and private markets. The company said its investment strategy benefits from deep market intelligence built through active coverage of more than 900 listed Indian companies and a network of over 1,600 family offices, entrepreneurs, and industry experts.
The investment firm has also evaluated more than 4,000 startups over the years, helping it develop strong pattern recognition across founder quality, governance, execution capabilities, and scalability.
Piper Serica said its investment process combines proprietary AI-based startup screening through its in-house tool Yoda.ai with active on-ground engagement across India’s deeptech ecosystem.
The firm works closely with institutions including IIT Madras, IIT Delhi, IIT Bombay, IISc Bangalore, and government-backed innovation platforms such as iDEX, IN-SPACe, and DRDO.
Its advisory board includes Dr. S. Christopher, former Chairman of DRDO, along with experts across spacetech, fintech, semiconductors, and healthcare sectors who support the firm with technical diligence, go-to-market strategy, and access to strategic industry and government ecosystems.
-By Shivani Solanki
