Piper Serica has launched a new venture capital fund named the Bharat Tech Fund with a target corpus of ₹800 crore, marking a significant push into India’s deeptech investment ecosystem. The fund is structured as a Category II Alternative Investment Fund (AIF) with a base target of ₹600 crore and an additional ₹200 crore greenshoe option.
The fund will primarily invest in Series A and Series B stage startups that are building intellectual property-led, engineering-heavy technologies. Its focus sectors include artificial intelligence, semiconductors, spacetech, defence technology, biosciences, and fintech infrastructure, reflecting a strong emphasis on strategic and frontier technology domains.
Piper Serica plans to invest approximately ₹25–50 crore per startup and aims to build a concentrated portfolio of around 20–25 companies. The fund has set a target gross internal rate of return (IRR) of about 30% over a six-year holding period, indicating a growth-focused but high-conviction investment strategy.
The firm has already been active in India’s startup ecosystem since 2022 through its earlier Category I AIF, which has backed over 35 startups across deeptech sectors. These include companies working in semiconductors, AI, spacetech, and defence, highlighting its continued commitment to long-gestation, technology-intensive businesses.
The launch of the Bharat Tech Fund comes amid rising investor interest in India’s deeptech landscape, supported by government policy push, increasing institutional participation, and growing global demand for advanced technology solutions. The fund is expected to further strengthen capital availability for early-growth deeptech startups operating in high-barrier, innovation-driven sectors.
