The Piper Serica fund intends to allocate an amount of 180–220 crore rupees to support four to six deep technology startups. The first investment commitments are expected to be formalized within the next month, with the investment size in each company typically ranging from 25 to 50 crore rupees.
According to director Ajay Modi, the fund is exploring opportunities in areas such as space technology, semiconductors, advanced electronics, energy, and life sciences.
The new Bharat Tech Fund, which is a Category II Alternative Investment Fund (AIF), aims to raise a corpus of 600 crore rupees, plus a greenshoe option of 200 crore rupees. Currently, the fund has already raised about 400 crore rupees and analyzed approximately 30–35 startups in search of future investments.
Modi emphasized that the opportunity identification process has begun, and they are close to making the first commitments in the coming month.
Piper Serica's core focus areas include semiconductors, advanced electronics, space technology, artificial intelligence, energy, and life sciences. The company believes these sectors are entering a phase of strong growth due to policy support, increased domestic potential, development of digital infrastructure, expansion of manufacturing, and shifts in global supply chains.
Ajay Modi noted that the Bharat Tech Fund is the company's second fund; the first fund was launched at the end of 2022 and was a SEBI registered Category 1 AIF, VCF, into which approximately 34 deep technology startups were invested, and the Bharat Tech Fund continues this trajectory.
Piper Serica views semiconductors, advanced electronics, energy, life sciences, space technology, and other emerging technologies as 'sectors of the future' that will drive India's growth. According to Modi, the new fund seeks to capitalize on what Piper Serica sees as India's nascent 'deep innovation cycle,' driven by a combination of government support, capital, academic circles and institutions, and a growing pool of founders willing to take risks in complex technologies.
The fund is interested in supporting enterprises where founders have already completed the primary work of developing technologies and moving them from the laboratory to a commercial level, and are now seeking capital for growth to scale their business.
Among individual sectors, Modi is particularly optimistic about space technology, as well as the broader ecosystem of semiconductors and advanced electronics. He highly praised Skyroot Aerospace for its historic achievement with Vikram-1, India's first private orbital launch, noting that the country's growing launch capabilities could create demand across the entire value chain, including satellite buses, payload systems, and satellite communications.
In the electronics sector, Modi pointed out that India has built a significant assembly and manufacturing base, and the current opportunity lies in deepening penetration into components, sensors, and other parts of the supply chain. He also stated that Piper Serica remains optimistic about advanced electronics and semiconductors, drawing parallels with the evolution of the country's automotive industry from assembly to deeper component manufacturing.
Furthermore, Modi stressed the need to continue investing in upskilling engineers to ensure their readiness for industrial and deep technology applications, expressing confidence that local founders are becoming increasingly capable of creating globally competitive and respected technology enterprises.