Ajay Modi, Director at Piper Serica, outlines the portfolio management and venture capital firm’s deep-tech investment strategy, portfolio strength, and sectoral bets. With investments in 33 companies and growing, the firm is scaling up its capital deployment across emerging areas such as semiconductors, space-tech, and AI. Modi discusses Piper Serica’s focus on early-stage innovation, long-term investment horizon, and its approach to backing high-complexity, IP-led businesses.
How much funding have you raised?
To date, we have raised ₹273 crore, allowing us to pursue high-potential opportunities in our targeted sectors. We are committed to maximising returns for our investors while fostering technological advancements and long-term entrepreneurial success across the dynamic markets we serve.
What is the strength of your portfolio?
We have invested across 33 companies, including Alt Mobility, Xovian Aerospace, and Six Sense Mobility. We intend to back visionary founders building disruptive, scalable technologies. We provide both capital and the guidance to navigate challenges and accelerate growth trajectories.
What is your investment thesis?
Our focus is on companies with proprietary IP, complex engineering, and regulatory depth that limit competition. We back founders who have the operational discipline to navigate long innovation cycles and execute strong go-to-market strategies. Our portfolio companies are integrated with research institutions, tier-1 suppliers, regulators, and strategic partners, accelerating validation and market entry. Access to non-dilutive capital further de-risks R&D and enables scalable growth without excessive dilution.
Which sectors are you bullish on?
Piper Serica is interested in sectors shaped by long-term structural shifts in India and globally. Our focus areas include semiconductors, advanced electronics, space-tech, defence, artificial intelligence, and fintech infrastructure. These sectors are entering a strong growth phase due to policy support, rising domestic capability, digital infrastructure, manufacturing expansion, and global supply chain shifts. These are long-duration opportunities that can define the next phase of India’s economic and industrial growth.
Do you favour early-stage funding or growth and late-stage?
We primarily prefer early-stage investments, during the most critical foundational phases. It allows us to have a substantial impact on the company’s trajectory, strategic direction and initial go-to-market approach. However, we are also attuned to the need for continued capital as these innovative companies mature. We are in the process of launching a second fund dedicated to growth-stage opportunities.
What is the time horizon for your investment?
We invest with a deliberate medium- to long-term horizon of five to seven years. We understand that building deep-tech and highly engineered products requires immense patience, steady guidance, and sustained support. The time-frame allows us to back our portfolio companies through their complex growth journeys — from initial product development to large-scale commercialisation.
What is your average cheque size?
We offer ₹8–10 crore as initial investment to help early-stage companies execute their core operational plans, hire top-tier technical talent, and bring their complex products to market.
Have you had any exits to date? Is there a preferred mode?
We have completed two highly profitable exits to date. We achieved 10.25x return on our investment in Alt Mobility and 1.4x return from Zipee. When evaluating exit strategies, we remain flexible and driven by the company’s specific stage and growth trajectory. We pursue secondary sales to larger venture capital or private equity funds, strategic acquisitions by major industry players, and initial public offerings. This diverse, multi-pronged approach to liquidity ensures we can secure the best financial outcomes for our limited partners while ensuring our portfolio companies transition seamlessly.