Ajay Modi, Director, Piper Serica
Piper Serica, a Mumbai-based asset manager, has announced the first close of its ₹800 crore Bharat Tech Fund at ₹300 crore within just 45 days of its launch, with nearly 50% of commitments coming from existing investors in Fund I.Bharat Tech Fund, a Category 2 AIF, focuses on high-potential Indian startups across semiconductors, defence, spacetech, fintech, robotics, biosciences and advanced electronics.With an average ticket size of ₹25–50 crore, the fund aims to support startups developing globally competitive technologies out of India.Deeptech focus and investment pipelineThe firm is also seeing a very high-quality deal pipeline, with deeptech companies generating meaningful revenue and building large order books, a sign that the sector has moved from early-stage promise to commercial scale.Piper Serica Fund I backed several high-growth technology companies, including Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz and Six Sense Mobility, and built a strong track record across the startup ecosystem.Piper Serica began investing in deeptech startups in 2022, well before the sector emerged as a mainstream investment theme among institutional investors. Over the past several years, the firm has worked closely with founders building IP-led technologies, refining its investment thesis through on-ground experience and disciplined execution.Fundraising gathers pace amid strong investor interestCommenting on the milestone, 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. We believe India’s next generation of global companies will come from founders who are solving complex problems using R&D and science. Sectors such as semiconductors, defence, spacetech, robotics, biosciences and advanced manufacturing have the potential to create long-term value for both investors and the country. Our objective is to support entrepreneurs who are building strong intellectual property and globally competitive businesses from India. We believe India has the talent, policy support and market opportunity to become a global deeptech leader.”Piper Serica had originally expected to achieve the final close of the Bharat Tech Fund by December this year. However, the strong response has accelerated fundraising, and the firm now expects to close ahead of schedule. The firm has already secured commitments for over one-third of its ₹800 crore target corpus within just 45 days of the fund’s launch and continues to receive strong interest from institutional investors, family offices, and high-net-worth individuals looking to get in early.Published on August 6, 2026
