SEBI-approved Category 1 Angel Fund Piper Serica raises Rs 75 crore
- ByStartupStory | January 19, 2023
Piper Serica Advisors Pvt Ltd, a Mumbai-based SEBI-registered Category 1 Angel Fund that focuses on investing in early-stage tech-based firms, has secured Rs 75 crore from a diverse group of investors. The remaining Rs 25 crore is expected to be raised during the next several months by the fund.
“We are investing in several high-quality companies and expect to have very profitable exits from them in line with our strategy. We are very happy with the presence we have created in the startup ecosystem. We are seeing very high-quality deal flow from other funds, platforms, and directly from founders,” Abhay Agarwal, Director of Piper Serica Advisors said.
In September 2022, Piper Serica opened the doors to its Rs 100 crore Category 1 Angel Fund. Since then, it has backed five businesses and anticipates supporting another 25 to 30. Piper Serica has invested in five businesses, including ALT Mobility, a full-stack EV leasing platform that provides mobility as a service (MaaS) for commercial vehicle users; Crediwatch, an information intelligence platform that provides financial organizations with big data risk analysis; ZFW Dark Stores, a physical network of micro warehouses (dark stores); Driffle, an online gaming marketplace; and Oditly, an enterprise-scale SaaS application that empowers businesses of all sizes.
According to a formal statement, Piper Serica supports the growth of the companies in its portfolio by assisting with customer acquisition, staff building and capital raising. The seed-to-IPO fund already has acquisitions in the pipeline, and by the end of March, it hopes to close eight more. Among them are, to name a few, a firm that offers a global escrow platform for businesses providing domestic and cross-border escrow solutions, a supply chain management company, a CRM tech company, a provider of learning management solution, and a cybersecurity organization.
“The much talked about funding winter has actually normalised the valuation expectation by founders. This is giving us access to good businesses run by very good founders and available at reasonable valuations,” Ajay Modi, Vice President of Piper Serica said.
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