Piper Serica’s first close of Rs 300 crore for its Bharat Tech Fund signals strong investor interest in India’s deeptech sector, with a focus on high-capital industries and global competition.
Piper Serica has raised Rs 300 crore in the first close of its Rs 800 crore Bharat Tech Fund, signalling strong investor appetite for Indian deeptech even as the firm moves to back companies working on some of the country’s most capital-intensive technologies. According to the Mumbai-based investment house, almost half of the commitments for this first close came from existing backers of its first fund, including institutions, family offices and high-net-worth individuals.
The new vehicle is a Category II alternative investment fund and is aimed at startups in semiconductors, defence, spacetech, fintech, robotics, biosciences and advanced electronics. Piper Serica said it plans to write cheques of roughly Rs 25 crore to Rs 50 crore per company and support founders building technologies with the potential to compete globally from India.
The fund builds on Piper Serica’s earlier push into deeptech, which the firm said began in 2022. Its first fund has already backed names including Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz and Six Sense Mobility. Business Standard reported in May that the Bharat Tech Fund was launched with a target of Rs 800 crore and that it would typically invest in Series A and B rounds, with a portfolio target of about 22 companies and a six-year holding period.
Ajay Modi, director at Piper Serica, said the response showed investors were treating deeptech as a long-term opportunity and pointed to the performance of Fund I. The firm said it now expects to complete the final close ahead of its earlier December target, citing a strong pipeline of companies that are already generating revenue and building large order books.
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