Deeptech backer Piper Serica raises Rs 300 crore in first close of new fund

Mumbai-based venture capital firm Piper Serica has successfully raised Rs 300 crore in the first close of its new Rs 800 crore Bharat Tech Fund. Nearly half of the funds came from investors who had previously invested in the firm's inaugural fund, choosing to invest again. The Category II alternative investment fund (AIF) plans to invest between Rs 20-50 crore in startups focusing on semiconductor, defence, space technology, artificial intelligence, robotics, biosciences, fintech infrastructure, and advanced electronics.

The record investment comes at a time when investor interest in deeptech startups is on the rise. Piper Serica had planned to complete fundraising by December, but strong investor interest has resulted in the fund being closed earlier than expected. Director Ajay Modi stated, "The response to the Bharat Tech Fund shows that investors are looking at deeptech as a long-term opportunity, backed by the strong performance we've delivered through Fund I." He added that India's next generation of global companies will likely emerge from founders solving complex problems using research and development, along with scientific methods.

Modi emphasized that Piper Serica is observing a trend of deeptech startups with increasing revenue and substantial customer orders, indicating that many companies are progressing beyond the early stages of product development. The firm started investing in deeptech startups in 2022, having already backed numerous ventures such as Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility.

Modi concluded by expressing the firm's belief that India has the necessary talent, policy support, and market opportunities to become a global leader in deeptech.