Piper Serica Launches ₹800 Crore Bharat Tech Fund to Back Deeptech Startups

Mumbai-based asset manager Piper Serica has launched Bharat Tech Fund, a Category II Alternative Investment Fund targeting India’s deep technology segment. The fund has a base corpus of ₹600 crore along with a ₹200 crore green-shoe option, taking the total size to ₹800 crore.

The launch builds on the firm’s existing presence in early-stage technology investments. It reflects increasing investor focus on sectors such as artificial intelligence, semiconductors, and defence technology.

Fund Structure and Investment Strategy

The Bharat Tech Fund is designed as a Category II AIF focusing on growth-stage opportunities in the technology sector. It will invest in Series A and Series B stage startups, targeting investments in the range of ₹25–50 crore per company.

The fund aims for a gross internal rate of return of around 30% over an average holding period of 6 years. Its investment thesis centres on proprietary intellectual property across high-impact and capital-intensive sectors.

Focus Sectors and Portfolio Approach

The fund is expected to allocate capital across key strategic sectors critical to India’s technology ecosystem. These sectors include semiconductors, advanced electronics, artificial intelligence, space technology, defence technology, fintech infrastructure, and biosciences.

The strategy highlights a shift towards deeptech areas that require specialised knowledge and longer development cycles. This approach aligns with broader trends of strengthening domestic capabilities in critical technologies.

Track Record and Existing Portfolio

Piper Serica currently manages over ₹1,400 crore in assets across public and private markets. Through its Category I AIF launched in 2022, the firm has built a concentrated portfolio with 35 investments in early-stage companies.

It has recorded 2 exits so far, including a partial exit in Alt Mobility at approximately 10.2x. Additionally, 14 portfolio companies have raised subsequent institutional funding rounds, indicating continued investor interest and portfolio progression.

Investment Process and Ecosystem Engagement

The firm’s investment strategy integrates technology-led screening and on-ground ecosystem engagement. It uses a proprietary artificial intelligence platform, Yoda.ai, to identify potential investment opportunities.

This is complemented by partnerships with institutions such as IIT Madras, IIT Delhi, IIT Bombay, and IISc Bangalore, along with government initiatives like iDEX, IN-SPACe, and DRDO. The advisory board includes industry experts, including former DRDO Chairman S. Christopher, contributing technical expertise and access to strategic networks.

Read More: SEBI Aims to Accelerate AIF Launches via Proposed ‘GARUDA’ System.

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Conclusion

The launch of Bharat Tech Fund marks a scaled expansion of Piper Serica’s investment strategy in India’s deeptech sector. The focus on growth-stage startups reflects increasing maturity in the country’s technology ecosystem.

With a defined sectoral strategy and structured investment approach, the fund aims to support innovation-driven enterprises. The development highlights continued momentum in private capital deployment towards advanced technology segments in India.

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