Mumbai-based asset manager Piper Serica has announced the first close of its Rs 800 crore Bharat Tech Fund at Rs 300 crore, just 45 days after the fund was launched. Nearly half of the commitments came from existing investors in Piper Serica’s first fund, highlighting continued investor confidence in the firm’s technology-focused investment strategy.
The Bharat Tech Fund is a Category II Alternative Investment Fund (AIF) focused on backing Indian startups developing globally competitive technologies. The fund will invest across sectors including semiconductors, defence, spacetech, fintech, robotics, biosciences and advanced electronics.
With an average investment ticket of Rs 25 crore to Rs 50 crore, the fund aims to support founders building technology-led businesses that address complex engineering and industrial challenges. Piper Serica said the fund will focus on companies with strong technology capabilities and the potential to build globally relevant products from India.
The new fund builds on Piper Serica’s experience with its first fund, which has invested in technology startups including Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz and Six Sense Mobility.
According to Piper Serica, its investment thesis has evolved over the past several years through its work with founders developing IP-led technologies. The firm believes India’s growing capabilities in deep technology, engineering and product development are creating opportunities for startups that can compete in global markets.
Bharat Tech Fund will be supported by Piper Serica’s investment team as well as an advisory board comprising industry experts. The fund will seek to identify entrepreneurs building differentiated technology businesses and provide them with capital and strategic support as they scale.
Piper Serica is an asset manager with investments across public and private markets in India. Its venture capital strategy focuses on technology startups operating in areas such as artificial intelligence, semiconductors and advanced electronics, space and defence technology, robotics, cybersecurity and biosciences.
With the Rs 300 crore first close achieved within 45 days of launch, Piper Serica is now positioned to deploy capital into a new generation of Indian technology companies seeking to solve complex problems and build globally competitive businesses from the country.
By: Sanya Sharma
