Mumbai-based asset manager Piper Serica has launched a new ₹800 crore Bharat Tech Fund targeting deep-tech startups across semiconductor, defence, AI and space-tech sectors. According to reports from Business Standard, the fund will invest in approximately 22 companies through Series A and B rounds, with a target investment of ₹25-40 crore per company. The fund aims for a target gross internal rate of return (IRR) of about 30 per cent with a six-year holding period. As per Business Standard, the fund is registered as a Category-II alternative investment fund with SEBI and brings total potential size to ₹800 crore.
The new fund follows Piper Serica's existing Category-I Alternate Investment Fund, which is already operational with a corpus of about ₹273 crore and has 85 per cent of the fund deployed. Since 2022, this existing fund has backed 35 startups through its Category I AIF, recording two exits including a 10.2x return from Alt Mobility. The fund has invested in 30 companies to date, including Alt Mobility, Sensesemi, Pantherun, Freed, Coratia Technologies, and Six Sense Mobility. The average investment size in the first fund was approximately ₹6-12 crore as seed funding.
According to Business Standard, Piper Director Ajay Modi emphasized that Indian founders are now building IP-led, engineering-first businesses that are globally competitive, not just domestically relevant. The fund focuses on founders demonstrating technical depth, leadership capacity, and commercial discipline. The new fund targets ₹25-50 crore per startup at Series A and B stages, expanding across semiconductors, artificial intelligence, spacetech, defence technology, biosciences and fintech infrastructure. Such dedicated funds for the deep-tech industry are gaining traction as investors grow comfortable with companies that typically have a long gestation period before generating revenue and profitability.
Piper Serica engages with institutions such as IIT Madras, IIT Delhi, IIT Bombay, IISc Bengaluru, and government innovation platforms, including iDEX, IN-SPACe, and DRDO. As reported by Business Standard, the fund's advisory board includes S Christopher, former chairman of DRDO, alongside experts from fintech, spacetech, semiconductor and healthcare sectors. The fund has secured a commitment of ₹300 crore from ultra-high-net-worth individuals (HNIs) and Indian family offices.
