Mumbai-based asset manager Piper Serica has launched Bharat Tech Fund, a Category II Alternative Investment Fund with a target corpus of ₹600 crore and a ₹200 crore green-shoe option, taking the total potential fund size to ₹800 crore.

With over ₹1,400 crore in AUM (assets under management) across public and private markets, Piper Serica has been backing India’s tech startup ecosystem through its Category I AIF since 2022. It has built a concentrated early-stage portfolio across semiconductors, AI, spacetech, defence technology, biosciences and fintech infrastructure, with 35 investments to date. The fund has already recorded two exits, including a partial exit in Alt Mobility at approximately 10.2x. It has participated in eight follow-on rounds and 14 of its portfolio companies have raised their next institutional round.

Bharat Tech Fund is the scaled-up, high-conviction continuation of this strategy and extends it to Series A and Series B stage opportunities, investing ₹25–50 crore per startup with a target gross IRR of approximately 30% over an average holding period of six years. The fund will back technology companies built on proprietary intellectual property across key core sectors: semiconductors and advanced electronics, artificial intelligence, space and defence technology, fintech and biosciences.​​

"We invest in founders who demonstrate three things: the technical depth to build something genuinely defensible, the leadership capacity to build an organisation around it, and the commercial discipline to scale it with unit economics that hold. Founders who can do all three are rare. They are also the ones who build enduring businesses - and that is precisely who Fund II is designed to back” Ajay Modi, Director at Piper Serica, said.

Piper Serica's investment process combines proprietary screening through our proprietary AI tool called Yoda.ai along with on-ground diligence through active participation within India’s deeptech ecosystem, including engagements with institutions such as IIT Madras, IIT Delhi, IIT Bombay, IISc Bangalore, and government innovation platforms including iDEX, IN-SPACe, and DRDO. The fund's advisory board includes S. Christopher, former Chairman of DRDO, alongside experts from fintech, spacetech, semiconductor and healthcare who bring technical diligence, GTM support, and direct access to government and strategic industry ecosystems.