Mumbai-based portfolio management service Piper Serica Advisors has launched a Rs 100-crore ($12.8 million) fund to invest in 30-40 early-stage tech companies in three years.
Piper Serica was established in 2003 as a portfolio management service provider for both domestic and international investors in the Indian equity markets. It mainly focuses on startups with exponential growth models.
The fund announcement comes on the heels of many big-shot investor firms, such as Sequoia, Accel, Matrix, Elevation and LightSpeed, successfully raising funds, allaying fears of a long startup funding winter.
“It is a very exciting time to invest in startups in India just as the startup ecosystem is ramping up,” said Piper Serica founder and fund manager Abhay Aggarwal.
Piper Serica currently has assets under management (AUM) worth Rs 400 crore, and aims to increase it to Rs 2,000 crore in the next 2-3 years. Its portfolio consists of companies such as Info Edge, Dixon, Affle and Jubilant Foodworks, among others.
Recently, Piper Serica exited Equitas citing a very soft business performance that did not seem to be reversing and said it is reducing its exposure to the real estate company as it is worried about the impact on demand for residential property in a rising interest rate scenario.
It added cash management company CMS Info Systems and hotel chain operator Lemon Tree to its portfolio recently.