Ajay Modi, Director at Piper Serica, recently shared insights into the deep-tech investment strategy of the portfolio management and venture capital firm, which has made significant strides in sectors such as semiconductors, space technology, and artificial intelligence. With investments in 33 companies, Piper Serica is scaling up its capital deployment across emerging areas.
Addressing funding efforts, Modi stated, “To date, we have raised ₹273 crore, allowing us to pursue high-potential opportunities in our targeted sectors.” The firm’s commitment remains focused on maximizing returns for investors while promoting technological advancements and sustaining long-term entrepreneurial success.
When discussing the strength of Piper Serica’s portfolio, Modi highlighted, “We have invested across 33 companies, including Alt Mobility, Xovian Aerospace, and Six Sense Mobility.” The firm aims to support visionary founders who are dedicated to developing disruptive and scalable technologies, providing both capital and strategic guidance to ease challenges and promote growth.
Piper Serica’s investment thesis centers on backing companies with proprietary intellectual property, complex engineering, and regulatory depth that can limit competition. According to Modi, “We back founders who have the operational discipline to navigate long innovation cycles and execute strong go-to-market strategies.” The firm’s portfolio companies are connected with research institutions, tier-1 suppliers, and regulators, which assist in accelerating validation and market entry. The access to non-dilutive capital helps mitigate risks associated with research and development, enabling scalable growth without excessive dilution.
In terms of sectoral focus, Modi expressed a strong interest in areas influenced by long-term structural shifts both in India and globally, particularly semiconductors, advanced electronics, space technology, defense, artificial intelligence, and fintech infrastructure. He noted, “These sectors are entering a robust growth phase due to policy support, rising domestic capability, and global supply chain shifts.”
Regarding investment stages, Piper Serica prefers early-stage funding, particularly during critical foundational phases. Modi stated, “It allows us to have a substantial impact on the company’s trajectory.” However, he acknowledged the necessity for continued financial support as these innovative companies mature, revealing that the firm is launching a second fund aimed at growth-stage opportunities.
Modi elaborated on the firm’s time horizon for investments, indicating a deliberate medium- to long-term approach of five to seven years. He explained, “Building deep-tech and highly engineered products requires immense patience, steady guidance, and sustained support.” This timeframe allows Piper Serica to assist portfolio companies throughout their intricate growth journeys, from initial product development to large-scale commercialization.
On funding size, the firm typically offers ₹8–10 crore in initial investments to help early-stage companies realize their operational plans and bring complex products to market.
Regarding exits, Piper Serica has successfully completed two profitable exits to date, achieving a remarkable 10.25x return on investment in Alt Mobility and a 1.4x return from Zipee. Modi mentioned, “When evaluating exit strategies, we remain flexible and driven by the company’s specific stage and growth trajectory.” The firm’s approach includes pursuing secondary sales to larger venture capital or private equity funds, strategic acquisitions by industry leaders, and initial public offerings. This multifaceted strategy ensures optimal financial outcomes for limited partners while facilitating seamless transitions for portfolio companies.
