Piper Serica rolls out $83 mn venture capital fund
Summary
Piper Serica launched the Bharat Tech Fund targeting a Rs 600 crore corpus with a Rs 200 crore greenshoe, taking potential size to Rs 800 crore (about $83 million). The fund will invest in Series A and Series B startups across semiconductors, AI, spacetech, defence technology, biosciences and fintech infrastructure, with typical tickets of Rs 25–50 crore. The firm has registered the vehicle as a Category-II AIF with SEBI, targets a gross IRR of about 30% over an average six-year hold, and expands its strategy from early-stage to growth-stage investments. Piper Serica will use AI-based screening via its Yoda.ai platform and diligence partnerships with IITs and government agencies, and it noted prior activity through a Category I AIF with 35 startups backed and two exits so far.