Piper Serica marks first close of deeptech-focused VC fund

Mumbai-based asset manager Piper Serica has completed the first close of its new venture capital fund, launched in May, to expand from early-stage investing into growth-stage bets. The firm reported collecting Rs 300 crore-plus—over a third of its target—for the Category-II alternative investment fund from limited partners. It aims to raise Rs 600 crore for the Bharat Tech Fund, with a greenshoe option of Rs 200 crore, taking the potential total to Rs 800 crore (about $83 million). Piper Serica said the first close came within 45 days and nearly half of commitments came from existing investors. The fund targets Series A and B startups in deeptech areas including semiconductors, AI, spacetech, defence technology, biosciences, fintech infrastructure and advanced electronics, with an average ticket size of Rs 25-50 crore.