Piper Serica has announced the launch of a new Category II Alternative Investment Fund (AIF), named Bharat Tech Fund, with a potential corpus of ₹800 crore. The Mumbai-based asset management firm introduced the fund as investor interest in India’s deeptech and innovation-driven startup ecosystem continues to grow rapidly.
The newly launched fund has a target corpus of ₹600 crore along with a greenshoe option of ₹200 crore. According to the company, the Bharat Tech Fund will primarily focus on Series A and Series B startups operating in sectors such as semiconductors, artificial intelligence, spacetech, defence technology, biosciences, and fintech infrastructure.
Piper Serica stated that the average investment size through the fund is expected to range between ₹25 crore and ₹50 crore. The company is targeting a gross internal rate of return (IRR) of nearly 30% over an average investment holding period of six years. The firm also said the fund is expected to complete its closure process by December 2026.
Speaking about the investment strategy, Ajay Modi said, “We invest in founders who demonstrate three things: the technical depth to build something genuinely defensible, the leadership capacity to build an organization around it, and the commercial discipline to scale it with unit economics that hold.”
“For the first time, Indian founders are building IP-led, engineering-first businesses that are globally competitive, not just domestically relevant,” Modi added.
To identify investment opportunities, Piper Serica said it is collaborating with leading academic and research institutions including IIT Madras, IIT Delhi, IIT Bombay, and Indian Institute of Science. The firm is also working alongside government-supported innovation initiatives such as Innovations for Defence Excellence, IN-SPACe, and Defence Research and Development Organization to explore emerging technology investments.
The company additionally uses its proprietary AI-powered screening platform, Yoda.ai, to assess potential investment opportunities.
Founded in 2003 by Abhay Agarwal, Piper Serica currently manages assets worth more than ₹1,400 crore across public and private markets. Since launching its first early-stage venture capital fund in 2022, the firm has invested in 35 startups across sectors including semiconductors, AI, and spacetech.
In 2026, Piper Serica has invested in startups such as Mysa, Sensesemi Technologies, Vobiz, and airport operations technology startup Blunav
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