Mumbai’s Piper Serica has rolled out a new alternative investment fund, called the Bharat Tech Fund, aiming to raise Rs 800 crore. This comes as interest grows in India’s deeptech sector.
The fund is targeting Rs 600 crore, with an additional Rs 200 crore as a greenshoe option. Its focus is on early-stage startups, particularly in semiconductors, AI, space technology, defense tech, biosciences, and fintech infrastructure.
Average investments are expected to be between Rs 25 crore and Rs 50 crore, with a goal of achieving around 30% gross internal rate of return (IRR) over about six years. The fund is projected to close by December.
Director Ajay Modi emphasizes the importance of three qualities when investing: technical expertise, strong leadership, and the ability to scale efficiently. He notes that many Indian founders are now creating innovative, globally competitive businesses, rather than just catering to local markets.
To find promising investment opportunities, Piper Serica collaborates with top institutions like IIT Madras, IIT Delhi, and the Indian Institute of Science. They also engage with government initiatives like Innovations for Defence Excellence and the Defence Research and Development Organisation (DRDO). An in-house AI platform called Yoda.ai is used to assess potential investments.
Founded in 2003 by Abhay Agarwal, Piper Serica manages over Rs 1,400 crore in assets across various markets. The firm launched its first early-stage fund in 2022, which has already supported 35 startups in dynamic sectors.
In recent times, technology investments have surged. According to a report by the National Association of Software and Service Companies (NASSCOM), Indian tech startups raised over $10 billion in 2021 alone. This indicates a robust interest in innovative solutions and highlights the potential for growth in India’s tech landscape. As more investors look to capitalize on this trend, Piper Serica’s new fund reflects a growing confidence in the country’s deeptech ecosystem.
For more on global tech investment trends, you can visit NASSCOM.
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