Piper Serica announced the first close of its ₹800 crore Bharat Tech Fund at ₹300 crore within 45 days of launch
According to the firm, around half of the commitments have come from existing investors in its Fund I
The fund will back Indian startups in sectors including semiconductors, defence, spacetech, robotics and biosciences
Piper Serica Secures ₹300 Cr First Close For Tech Fund In 45 Days
The company said nearly half of the commitments secured during the first close have come from investors who had backed its earlier Fund I
Piper Serica Secures ₹300 Cr First Close For Tech Fund
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Mumbai-based venture capital firm Piper Serica has completed the first close of its Bharat Tech Fund at ₹300 crore within 45 days of launching the vehicle.
The milestone marks significant progress towards the fund's target corpus of ₹800 crore and reflects continued investor interest in India's deeptech ecosystem, the company said in a statement on Thursday.
The Bharat Tech Fund, structured as a Category II Alternative Investment Fund (AIF), will invest in Indian startups operating across semiconductors, defence, spacetech, fintech, robotics, biosciences and advanced electronics.
The fund plans to make investments of ₹25-50 crore in each portfolio company to support businesses developing globally competitive technologies from India, the company said.
Nearly half of the commitments secured during the first close have come from investors who had backed its earlier Fund I, indicating continued participation from existing limited partners, it added.
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Fundraising Gathers Pace
According to Piper Serica, the fundraising process has progressed faster than initially anticipated. The firm had expected to complete the final close of the Bharat Tech Fund by December this year but now expects to conclude fundraising ahead of schedule following stronger-than-expected investor demand.
The company has already secured commitments for more than one-third of the target corpus and continues to receive interest from institutional investors, family offices and high-net-worth individuals.
"We believe India's next generation of global companies will come from founders who are solving complex problems using R&D and science," said Ajay Modi, Director, Piper Serica.
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, he added.
Focus On Commercial-Stage Deeptech
The company said it is witnessing a strong pipeline of deeptech investment opportunities, with several businesses generating meaningful revenue and building sizeable order books, suggesting that parts of the sector are moving beyond the early-stage phase into commercial deployment.
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It reportedly began investing in deeptech startups in 2022, before the segment attracted wider institutional attention, and has since backed a number of companies through Fund I.