Piper Serica Launches INR 800 Cr Bharat Tech Fund to Back Deeptech Startups

Mumbai-based asset manager Piper Serica has launched the Bharat Tech Fund, a new investment vehicle aimed at supporting India’s growing technology startup ecosystem. 

The fund, structured as a Category II Alternative Investment Fund, has a target corpus of INR 600 crore along with a green-shoe option of INR 200 crore, taking its total potential size to INR 800 crore.

The Bharat Tech Fund will invest in startups at the Series A and B stages, with cheque sizes ranging between INR 25 crore and INR 50 crore. It marks an expansion of Piper Serica’s early-stage venture capital strategy into growth-stage investments, while maintaining its focus on technology-driven sectors.

The fund will primarily target companies working in semiconductors, artificial intelligence, spacetech, defence technology, biosciences, and fintech infrastructure.

Ajay Modi, Director at Piper Serica, said, “For the first time, Indian founders are building IP-led, engineering-first businesses that are globally competitive, not just domestically relevant.” He added, “We invest in founders who demonstrate technical depth, leadership capability, and the discipline to scale sustainably.”

Piper Serica began investing in startups in 2022 through its Category I AIF and has since backed 35 companies. According to the firm, its earlier fund has recorded two exits within three years, including a partial exit in Alt Mobility at around 10.2 times return. Several portfolio companies have also raised follow-on funding rounds.

The firm’s investment process combines its proprietary AI tool, Yoda.ai, with on-ground evaluation. It actively engages with institutions such as IIT Madras, IIT Delhi, IIT Bombay, and IISc Bengaluru, as well as government-backed platforms like iDEX, IN-SPACe, and DRDO.

With the new fund, Piper Serica aims to support scalable, IP-driven startups and strengthen India’s position in the global deeptech landscape.