India, Aug. 6 -- Mumbai-based asset management firm Piper Serica has achieved the first close of its Rs.800 Cr Bharat Tech Fund at Rs.300 Cr. The development comes months after Piper Serica launched the Category II AIF with a target corpus of Rs.600 Cr and a Rs.200 Cr greenshoe option.

The fund will back Series A and Series B deeptech startups across deeptech sectors, including semiconductors, AI, spacetech, defence tech, biosciences, and fintech infrastructure.

Piper Serica plans to invest between Rs.20 Cr and Rs.50 Cr in each startup and is targeting a gross internal rate of return (IRR) of about 30% over an average holding period of six years.

Nearly 50% of the commitments for the fund have come from existing investors in Piper Seri...