Piper Serica raises Rs 300 Cr as first close of Bharat Tech Fund

Mumbai-based investment firm Piper Serica has successfully raised Rs 300 crore as the first close of its Rs 800 crore Bharat Tech Fund. The majority of the commitments during this first close were from existing institutional investors, family offices, and high-net-worth individuals. The Bharat Tech Fund, a Category 2 Alternative Investment Fund (AIF), is specifically focused on investing in Indian startups that specialize in fields such as semiconductors, defence, space technology, fintech, robotics, biosciences, and advanced electronics.

Each startup will receive between Rs 25-50 crore in funding, with the aim of supporting those developing globally competitive technologies originating in India. Ajay Modi, Director at Piper Serica, expressed satisfaction with the response to the Bharat Tech Fund, stating that it indicates investors are viewing deeptech as a long-term opportunity.

The firm attributes this strong response to the successful performance of Fund I and believes that India's next generation of global companies will emerge from founders addressing complex issues through R&D and scientific innovation. Piper Serica is also witnessing a high-quality deal pipeline comprising deeptech companies generating substantial revenue and securing significant orders.

The Fund I backed startups include Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility. Piper Serica has been investing in the deeptech sector since 2022 and boasts an experienced investment team and expert consultants. The firm's objective is to empower entrepreneurs creating robust intellectual property and globally competitive businesses from India, firmly believing that India possesses the requisite talent, policy support, and market potential to become a global leader in deeptech.

Piper Serica had initially anticipated to finalize the Bharat Tech Fund by December but anticipates closing ahead of schedule due to the evident interest from investors.