Piper Serica, a Mumbai-based investment house that invests in public and private markets, has raised Rs 300 crore as the first close for its Rs 800 crore Bharat Tech Fund.
A statement said nearly 50% of the commitments for the first close came from the existing investors of Fund I who were institutional investors, family offices, and high-net-worth individuals.
Bharat Tech Fund, a Category 2 AIF, will focus on Indian startups across the segment of semiconductors, defence, spacetech, fintech, robotics, biosciences, and advanced electronics.
The fund will invest around Rs 25-50 crore in each startup and aims to support startups developing globally competitive technologies out of India.
On the first close, Ajay Modi, Director, Piper Serica, said, "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.
