Piper Serica Announces ₹300 Crore First Close of Bharat Tech Fund
The Bharat Tech Fund plans to invest in around 22 Indian technology startups, primarily at the Series A and Series B stages.
Mumbai-based asset manager Piper Serica has announced the ₹300 crore first close of its Bharat Tech Fund, just around 45 days after launching the deep-tech focused investment vehicle. According to the firm, nearly half of the commitments came from existing investors, reflecting continued confidence in its technology investment strategy.
The Category II Alternative Investment Fund (AIF) has a target corpus of ₹600 crore, along with a ₹200 crore greenshoe option, taking its potential size to ₹800 crore. Piper Serica expects to complete the fund’s final close by the end of the year.
The Bharat Tech Fund plans to invest in around 22 Indian technology startups, primarily at the Series A and Series B stages. The fund intends to invest approximately ₹25 crore to ₹40 crore in each company and expects to hold investments for around six years.
The fund will focus on sectors including artificial intelligence, semiconductors, defence technology, spacetech, robotics, advanced electronics, biosciences, and fintech infrastructure. Piper Serica said it is looking to back founders building IP-led, engineering-intensive businesses with the potential to compete in global markets.
The new fund builds on Piper Serica’s earlier investments in India’s deep-tech ecosystem through its previous Category I AIF. Its portfolio includes startups such as Alt Mobility, SenseSemi, Pantherun, Freed, Coratia Technologies, Six Sense Mobility, Rupeeflo, OTPless, and Yaanendriya.
According to the firm, its earlier fund has backed 35 startups across sectors including AI, semiconductors, defence, spacetech, biosciences, and fintech infrastructure. Piper Serica has also collaborated with institutions such as IIT Madras, IIT Delhi, IIT Bombay, and IISc Bengaluru, as well as government innovation platforms including iDEX, IN-SPACe, and DRDO, to identify and support emerging technology ventures.
The announcement comes as investor interest in India’s deep-tech ecosystem continues to grow, driven by increasing demand for indigenous innovation in strategic sectors such as AI, semiconductors, defence, advanced manufacturing, and space technology. With its first close already secured, the Bharat Tech Fund is expected to provide growth capital to startups developing technologies aligned with India’s long-term technological and industrial ambitions.