Piper Serica

Piper Serica Angel Fund


Piper Serica

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

Abhay Agarwal
Abhay Agarwal CEO & Founder
Rajni Agarwal
Rajni Agarwal Director & Head–Research
30 yrs equity research; ex-Fund Manager, SBI MF; MBA-JBIMS
Ajay Modi
Ajay Modi CFA Director – Investments
10 yrs portfolio research; ex-Thomson Reuters; B.Tech; CFA charter

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

  1. Stage & Ticket – Pre-Series A cheques (₹ 3–7 Cr) into companies with ≥ ₹ 3 Cr ARR and a credible lead investor on the cap-table.
  2. 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.
  3. Diversified Core – Equal-weighted positions across eight verticals (AI-SaaS, Fin-tech, EV, Spacetech, Consumer, Supply-chain, Cyber-security, Chip-design).
  4. Active Stewardship – monthly MIS, quarterly founder forums, access to public-market networks and later-stage VCs.
  5. 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

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Related Investment(s)

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