- Piper Serica has marked the first close of its Bharat Tech Fund at ₹300 crore.
- Following this first close, the firm expects to complete the fundraising ahead of schedule.
- Piper Serica had initially planned to achieve the final close of the Bharat Tech Fund by December this year.
- The fund has secured commitments for more than one-third of its ₹800 crore target corpus and continues to receive interest from institutional investors, family offices, and high-net-worth individuals.
- The Bharat Tech Fund, a Category II Alternative Investment Fund (AIF), will invest between ₹20 crore and ₹50 crore in Indian startups across sectors including semiconductors, defence, spacetech, fintech infrastructure, artificial intelligence, robotics, biosciences, and advanced electronics.
- The fund plans to support companies developing technology-led businesses from India, and Piper Serica is seeing a pipeline of deeptech companies generating revenue and building order books.
- Piper Serica's first fund has invested in companies including Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility.
- Nearly 50 per cent of the commitments have come from existing investors in Fund I, reflecting investor confidence in the firm's investment philosophy, execution, and the performance of Fund I, including its IRR and DPI.
Piper Serica has successfully closed its Bharat Tech Fund at ₹300 crore, marking a significant milestone just 45 days after its launch. The fund aims to raise a total of ₹800 crore and has already secured commitments for over one-third of this target.
Nearly 50% of the commitments have come from existing investors in Fund I, showcasing strong confidence in Piper Serica's investment strategy and past performance. The firm noted that this continued participation reflects investor trust in its investment philosophy and execution capabilities, particularly highlighted by the IRR and DPI of Fund I.
The Bharat Tech Fund, categorized as a Category II Alternative Investment Fund (AIF), plans to invest between ₹20 crore and ₹50 crore in Indian startups across various sectors, including semiconductors, defence, spacetech, fintech, infrastructure, artificial intelligence, robotics, biosciences, and advanced electronics. The fund aims to support technology-led businesses emerging from India.
Ajay Modi, Director at Piper Serica, 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. We believe India's next generation of global companies will come from founders who are solving complex problems using R&D and science." He emphasized the potential of sectors like semiconductors and robotics to create long-term value for investors and the country.
Piper Serica initially aimed for a final close by December but now anticipates completing the fundraising process ahead of schedule, driven by ongoing interest from institutional investors, family offices, and high-net-worth individuals.
“The Category II AIF will invest Rs 20-50 crore each in Indian startups across semiconductors, defence, spacetech, and AI. Piper Serica has secured over one-third of its Rs 800 crore target and expects to close ahead of schedule, with Fund I backing firms like Alt Mobility and Pantherun.”
