Forty-five days after the fund’s launch, Mumbai-based asset manager Piper Serica announced the first closing of its Rs 800 crore Bharat Tech Fund at Rs 300 crore. Almost half of the commitments were made by current Fund I investors.
A Category II AIF, Bharat Tech Fund supports Indian entrepreneurs in the fields of advanced electronics, robotics, biosciences, fintech, semiconductors, and defense. The fund seeks to support Indian entrepreneurs creating globally competitive technology, with an average ticket size of Rs 25 crore to Rs 50 crore.
Technology businesses such as Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility have received funding from Piper Serica Fund I.
The company claims that Bharat Tech Fund will fund entrepreneurs creating technology-driven companies and tackling challenging technical problems. An advisory board made up of professionals from the sector and an investment team support the fund.
By collaborating with entrepreneurs developing IP-led solutions, Piper Serica claimed to have improved its investment thesis over the previous few years.
Piper Serica is an asset manager with holdings in India’s public and private markets. Its venture capital funds sponsor businesses in the fields of artificial intelligence (AI), advanced electronics and semiconductors, robotics, cybersecurity, space and defense technology, and biosciences.
