Piper Serica attracts Rs.300-Cr for Bharat Tech Fund

Mumbai-based asset manager Piper Serica has has secured a commitment of INR 300-Cr from ultra-high-net-worth individuals and Indian family offices for its Bharat Tech Fund. With a target corpus of INR 800-Cr, the fund aims to invest in semiconductor, defence, artificial intelligence, deep-tech, and space-tech startups. It intends to invest in approximately 22 companies across Series A and B rounds, with a target investment of INR 25-40 Cr per company. The investment strategy involves a six-year holding period and a target gross internal rate of return of approximately 30%.