Piper Serica’s New Fund
Piper Serica, a Mumbai-based investment management firm, has launched the Bharat Tech Fund, a Category II AIF with a target corpus of ₹800 Cr. The fund, which includes a base target of ₹600 Cr and a ₹200 Cr greenshoe option, will focus on Series A and B stage startups in sectors like semiconductors, AI, spacetech, and biosciences.
Details
The fund will write cheques of around ₹25-50 Cr to startups holding proprietary IP. Piper Serica aims for a gross IRR of 30% over an average holding period of six years. The firm is actively engaging with institutions like IIT Madras and government innovation platforms to identify potential investments.
Company Background
Founded in 2003 by Abhay Agarwal, Piper Serica is a Mumbai-based investment management and venture capital firm. The firm invests in both public markets and early-stage startups in India. In 2022, Piper Serica launched its first early-stage VC fund, Piper Serica Angel Fund, with a target corpus of ₹100 Cr.
Market Context
This move by Piper Serica highlights the growing interest in deeptech startups in India. The fund’s focus on proprietary IP and Series A and B stage startups underscores the importance of innovation and scalability in the sector. The decision to invest in a diverse range of sectors, from semiconductors to biosciences, reflects the firm’s commitment to backing a broad spectrum of technological advancements.
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Source: Inc42