Piper Serica, a Mumbai-based asset manager, has announced the first close of its Rs 800 crore Bharat Tech Fund at Rs 300 crore, 45 days after the fund's launch. Nearly 50% of the commitments came from existing investors in Fund I. Bharat Tech Fund, a Category II AIF, focuses on Indian startups across semiconductors, defence, spacetech, fintech, robotics, biosciences, and advanced electronics. With an average ticket size of Rs 25 crore to Rs 50 crore, the fund aims to back startups developing globally competitive technologies from India. Piper Serica Fund I has backed technology startups including Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility. According to the company, Bharat Tech Fund will invest in founders building technology-led businesses and addressing complex engineering challenges. The fund is supported by an investment team and an advisory board comprising industry experts. Piper Serica said it has refined its investment thesis over the past several years by working with founders building IP-led technologies. Piper Serica is an asset manager with investments across public and private markets in India. Its venture capital funds invest in technology startups across AI, semiconductors and advanced electronics, space and defence technology, robotics, cybersecurity, and biosciences. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
