Piper Serica's Bharat Tech Fund Closes First Round at €300 Million
Asset management firm Piper Serica has secured €300 million in the first close of its Bharat Tech Fund. The fund aims for a total corpus of €800 million.
Mumbai-based asset management firm Piper Serica has achieved the first close of its Bharat Tech Fund, raising €300 million. The fund has a total target corpus of €800 million.
The fund will back Series A and Series B deeptech startups across sectors including semiconductors, artificial intelligence, spacetech, defense tech, biosciences, and fintech infrastructure.
Piper Serica intends to invest between €20 million and €50 million in each startup, targeting a gross internal rate of return of approximately 30% over an average holding period of six years. Nearly half of the commitments came from existing investors in Piper Serica's previous funds.
The fundraising occurs as investor interest in India's deeptech sector gains momentum, with government initiatives supporting the ecosystem, including incentives for startups and significant investments in the semiconductor industry.