
Piper Serica Angel Fund

Piper Serica Angel Fund
KEY PORTFOLIO ATTRIBUTES #
Year of Inception | |
Number of Stocks | |
Alpha (1Y) | |
Beta (1Y) |
About Piper Serica
Founded in 2003, Mumbai-based Piper Serica manages ₹ 1,300 Cr across public-market PMS, an offshore FPI and the Angel Fund. The leadership team aggregates 100 + years at Citi, JP Morgan, SBI MF and Thomson Reuters.
What makes the platform different?
• AI-assisted screening: the in-house Yoda.ai algorithm scores start-ups on 18 parameters—founder pedigree, team skill-mix, TAM, scalability, business plan, investor quality, profitability runway, etc.; only 3 % of 7,000+ evaluated deals cross the 70 % success-probability threshold.
• Profitability filter: invests only in revenue-generating businesses with a clear path to EBITDA break-even.
• Skin in the game: Piper Serica partners co-invest substantial proprietary capital in every deal.
Key People
Investment Objective
Target 20–25 % net IRR over 10 years by backing capital-efficient Indian start-ups that already earn revenue, buying at disciplined valuations, and guiding them to profitable scale.
Track Record & Portfolio Highlights
• Proprietary seed book (50 cos.) – 68 % IRR since 2016.
• Series-1 (₹ 170 Cr, 2023 vintage) – 18 active positions; median NAV uplift +42 % YoY; first IPO exit (New Jaisa, NSE-SME) realised +95 % price pop.
Select valuation uplifts since entry
Alt Mobility ×5.0, Unorg ×3.0, Pantherun ×2.0, University Living ×2.0. Past performance may not sustain.
Investment Strategy
- Stage & Ticket – Pre-Series A cheques (₹ 3–7 Cr) into companies with ≥ ₹ 3 Cr ARR and a credible lead investor on the cap-table.
- AI-Driven Funnel – From ~1000 annual inbound pitches, Yoda.ai’s 18-factor score narrows the list to ≈ 30; full-stack diligence trims it to 5-7 investments/yr.
- Diversified Core – Equal-weighted positions across eight verticals (AI-SaaS, Fin-tech, EV, Spacetech, Consumer, Supply-chain, Cyber-security, Chip-design).
- Active Stewardship – monthly MIS, quarterly founder forums, access to public-market networks and later-stage VCs.
- Disciplined Exits – strategic sale, large up-round (≥ 10×) or IPO; no automatic reinvestment—capital returned to LPs at exit.
Investment Philosophy “AI-assisted, profitability-first compounding.”
Piper Serica believes that businesses with real revenues and prudent governance out-compound burn-driven peers; data science minimises selection bias while human insight catalyses growth.
Risk Mitigation & Governance
• Zero exposure to loss-making “blitz-scale” models.
• SPV per deal isolates risks; no cross-contagion.
• 5-layer diligence – business, tech, customer, competitor, forensic.
• Annual independent valuation; LPs receive online dashboards + monthly e-statements + quarterly deep-dive webinars.
Key Fund Terms
Term | Detail |
Structure | SEBI Category I AIF (Angel Fund) |
Minimum Commitment | ₹ 30 L drawn in three equal calls over 18 months (Apr ’24 / Dec ’24 / Aug ’25) |
Target Portfolio | 20-25 start-ups in 18 months |
Return Target | 20–25 % net IRR over 10 yrs |
Fees | Annual platform fee ₹ 29,500 (incl. GST) + 1 % one-time deal fee + 15 % carry on profitable exits |
Deal-Sourcing Edge (“The Moat”)
• Deep ecosystem network spanning VC funds, investment banks, incubators & accelerators for co-investing and proprietary pipeline.
• 7,000+ early-stage deals screened over 8 yrs; very low mortality across 70 live investments.
Ideal Investor Profile
• Angels & family offices seeking curated, data-driven early-stage exposure.
• HNWIs preferring profitability discipline over high-burn hyper-growth.
• Portfolios looking to complement public equities with AI-selected private brands.
Do Not Simply Invest, Make Informed Decisions
WISH TO MAKE INFORMED INVESTMENTS FOR LONG TERM WEALTH CREATION
