Fund News
Piper Serica’s Rs.800-Cr Bharat Tech Fund hits first close at Rs.300-Cr
Mumbai-based asset management firm Piper Serica has achieved the first close of its Bharat Tech Fund, raising INR 300 crore. The firm launched this Category II AIF (alternative investment fund) with a target corpus of INR 600 crore and an INR 200 crore greenshoe option. Nearly 50% of the commitments for the fund have come from existing investors in the firm’s first venture fund.Founded in 2003 by Abhay Agarwal, Piper Serica plans to invest between INR 20 crore and INR 50 crore in each startup from the new fund and targets a gross internal rate of return of about 30% over an average holding period of six years. It intends to use the capital to back startups that are moving past early-stage product development, building revenue generating operations and will support Series A and Series B companies operating in deeptech sectors such as semiconductors, AI, spacetech, defence tech, biosciences, and fintech infrastructure.
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