New fund · Professional & Local Services

Piper Serica hits first close of Bharat Tech Fund at ₹300 crore

By Startup Enthusiast · 6 August 2026

What they do

Piper Serica is a Mumbai-based asset manager investing in public markets and early-stage startups

It achieved the first close of its Bharat Tech Fund at ₹300 crore within 45 days of launch

Nearly half the commitments came from existing investors in Piper Serica's first venture fund

Piper Serica announced the first close of its Bharat Tech Fund at ₹300 crore.
The fund is a Category II Alternative Investment Fund (AIF).
It achieved the first close within 45 days of launch.
The target corpus is ₹800 crore (₹600 crore plus a ₹200 crore greenshoe option).
Nearly 50% of commitments came from existing investors in Piper Serica's first venture fund.
The fund will back Series A and Series B deeptech startups.
Investment ticket size per startup is ₹25 crore to ₹50 crore.

The fund focuses on semiconductors, AI, spacetech, defence tech, biosciences, fintech infrastructure, robotics, advanced electronics, and cybersecurity.
Piper Serica's first venture fund, launched in 2022, had a target corpus of ₹100 crore and made 35 investments.
The Centre extended Startup India benefits for deeptech startups to 20 years and raised turnover eligibility to ₹300 crore.
India Semiconductor Mission 2.0 has a ₹1.27 lakh crore outlay for the semiconductor value chain.

Piper Serica is a Mumbai-based asset manager investing across public markets and early-stage startups.
It was founded in 2003 by Abhay Agarwal.
Ajay Modi is Director of Piper Serica.
The fund is supported by an investment team and advisory board of industry experts.
Portfolio companies include Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility.

The fund expects to close its final round ahead of the initially planned December 2026 deadline.