Abhay Agarwal
Founder & Fund Manager
Fund strategy and investing across public and private markets. Founder and fund manager.
LinkedIn profile ↗India / Direct investor
From deep tech to commercial scale.
Backing proprietary technology and engineering-led businesses, with a focus on customers, revenue and the path from prototype to production.
Connect NowBharat Tech reported ticket₹25Cr-₹50Cr
Bharat Tech entrySeries A / Series B
Reported by Sep 2026About ₹400Cr raised
Angel Fund public directory33 companies
01 / The fund
Two private-market vehicles, different stages
Piper Serica invests in both listed companies and private startups. This page covers its venture strategy, not its public-equity portfolio. It looks for defensible intellectual property, strong engineering and clear customer value, with a practical path from product development to commercial adoption.
The newer Bharat Tech Fund is a Category II AIF targeting ₹600Cr plus a ₹200Cr greenshoe, or up to ₹800Cr. August 2026 coverage records a ₹300Cr first close; an October 9 interview reports about ₹400Cr raised by September. Neither is a final close. Launch coverage describes Series A and Series B investments of ₹25Cr-₹50Cr; ETEntrepreneur and CNBC quote ₹20Cr-₹50Cr, so the lower bound varies by report. The fund originally expected a December final close, but no completed final close is claimed here.
The 2022 Angel Fund is a separate Category I vehicle. Its current website describes early-stage investments up to ₹10Cr and a more detailed ₹6Cr-₹10Cr range; an April 2026 interview quotes ₹8Cr-₹10Cr initial cheques. Do not apply Bharat Tech’s larger ticket to the older fund. The website’s ₹300Cr headline and January 31, 2026 30-company snapshot differ from contemporaneous reporting of ₹273Cr actually raised and a growing 33-35-company portfolio.
Public-market relationships and manufacturing partners are part of the support model. In the October interview, founder Abhay Agarwal describes help with customer introductions and a Centum Electronics manufacturing arrangement for smaller prototype orders. These are reported support arrangements, not investment or customer guarantees.
October strategy and fundraising update ↗ · Bharat Tech first close and terms ↗ · Official Angel Fund terms ↗02 / Portfolio
Explore by sector
All 33 companies currently published in the official Angel Fund directory, not a claim that every private-market investment appears here or that these are Bharat Tech Fund holdings. The January website headline says 30; newer reporting says 35 investments, a different scope. Includes historical company acquisitions and reported fund liquidity, which are distinguished below. No current round or entry-stage labels are invented. Sector groups are DTT technology groupings.
BioTech 1
Diagnostic technology under development for detecting Alzheimer’s and other neurodegenerative diseases from biological markers.
Holding source ↗Energy & Materials 2
Electric-vehicle leasing and asset management for commercial fleets, including financing, charging and vehicle-life-cycle support.
Fund liquidity interview ↗ · Holding source ↗
Electric-vehicle fleets and operations for business delivery, aimed at reducing emissions from last-mile logistics.
Holding source ↗Physical AI 4
Vehicle telematics devices and software for location tracking, remote immobilization, engine diagnostics and fleet safety.
Fund-supplied /home returns 404. Current company homepage checked instead.
Holding source ↗
Helmet-mounted 360-degree cameras and AI software that turn construction-site walks into 3D records, defect reports and progress checks.
Fund-supplied bare domain does not resolve; working www company platform checked.
Holding source ↗
Underwater and surface robots for inspecting submerged structures and maritime assets, with sensors and software for detecting defects.
Holding source ↗
Sensing, navigation and control hardware with AI software for autonomous systems in defence, aerospace, robotics and vehicles.
Holding source ↗Semiconductors 1
Low-power wireless AI chips for connected devices and industrial equipment, with sensing, processing and intelligence designed into the chip.
Holding source ↗Space Tech 4
Laser-communication systems for transferring data between satellites and ground stations, as well as airborne and terrestrial links.
Holding source ↗
Radio-frequency sensing satellites and data analysis for locating and understanding activity on Earth, including maritime and defence applications.
Holding source ↗
Rocket engines and propulsion subsystems, including reusable kerosene-and-liquid-oxygen engine development and metal 3D printing.
Holding source ↗
Recoverable spacecraft under development for experiments and manufacturing research in microgravity, including pharmaceutical and semiconductor uses.
Holding source ↗Others 21
Credit-risk intelligence that gathers company, financial and public-record data to help lenders and businesses assess counterparties.
Holding source ↗
A same-day and quick-commerce delivery network for consumer brands, combining local warehouses with order and inventory software.
The fund director reports a return from Zippee in an April 2026 interview. Full versus partial sale is not specified, so this is not labelled a full company exit.
Fund liquidity interview ↗ · Holding source ↗
An online marketplace for video games, gift cards, gaming points and other digital goods.
Holding source ↗
Software for digital inspections, audits, safety checks and quality-management workflows across business locations.
Holding source ↗
A business-to-business procurement platform supplying food ingredients and other essentials to street vendors, small restaurants and sweet shops.
Holding source ↗
Digital factory software that connects shop-floor data, inspection workflows and automation so manufacturers can track production and quality.
Holding source ↗
Digital and software escrow services, helping businesses manage conditional payments and protect access to critical software assets.
Holding source ↗
AI sales agents that research prospects and automate personalized business-to-business outreach and follow-up.
Holding source ↗
Online training and career-skills courses in business, design, content and other professional fields.
Company confirms joining Imarticus Learning. This is a company acquisition, not proof of a full cash exit by every shareholder.
Company acquisition statement ↗ · Holding source ↗
An online marketplace helping students find and book accommodation near universities in different countries.
Holding source ↗
Financial and farm-commerce services delivered through a rural franchise network, connecting credit, inputs, agronomy and output markets.
Holding source ↗
Cybersecurity technology for high-speed data encryption and protecting connected equipment, networks and data in use or transit.
Holding source ↗
Cybersecurity tools for detecting advertising fraud, filtering invalid traffic and protecting digital advertising budgets.
Holding source ↗
Corporate health plans and employee-benefit services, including embedded access to healthcare and insurance-related products.
Holding source ↗
Debt-resolution services that help people negotiate and settle unsecured loans and work toward financial recovery.
Holding source ↗
Identity and authentication infrastructure for businesses, supporting sign-in, verification and fraud controls.
Holding source ↗
Small-business and agricultural lending through a rural and semi-urban non-bank finance company.
Holding source ↗
Banking and investment services for non-resident Indians, designed to simplify cross-border financial access.
Holding source ↗
AI-supported finance software for accounts payable, procurement, accounting and banking workflows, connected to enterprise systems.
Holding source ↗
Telephony infrastructure for AI voice agents, combining real-time calling, compliance and enterprise communication tools.
Holding source ↗
Aerios airport software linking flight schedules, resource allocation, passenger information, maintenance and airside operations.
Holding source ↗03 / Team & connect
Private-market investment team
Ajay Modi
Director, Investments
Private-market investment strategy and Bharat Tech Fund leadership across engineering-led and deep-tech companies.
LinkedIn profile ↗
Amit Ghule
Senior Associate
Early-stage technology investments and founder support, drawing on previous startup-building experience.
LinkedIn profile ↗
Hardik Dua
Associate
Growth-stage and venture-capital investments, including technology-company evaluation.
LinkedIn profile ↗
Satyadeep Singh
Associate
Deep-tech investment research, evaluation and portfolio support.
LinkedIn profile ↗Five private-market investment contacts supported by current roles and direct LinkedIn checks. Titles follow the official current team list; LinkedIn confirms private/growth/deep-tech investing. Abhay’s portrait comes from the official site; the other four are current personal LinkedIn portraits because the official team directory supplies no individual photos. Viraj explicitly works in PMS. Sanket’s evidence points to public-equity research, while Rajni’s private-market remit is not established. They are not listed as venture contacts. Operations, compliance, finance, administration and investor-relations-only roles are excluded.
Official fund website ↗04 / Fund network
Limited partners
No named institutional or individual LP was independently verified from the public sources checked. The firm describes a varied investor base; Bharat Tech first-close coverage reports HNIs, family offices and existing Angel Fund investors, without naming them.
Nearly half of first-close commitments reportedly came from investors in Fund I. This means returning investors, not that Fund I itself supplied half the capital. The desired future institutional mix is a fundraising plan, not evidence of a named institutional commitment. Co-investors, portfolio customers, Centum Electronics and members of management are not relabelled as LPs.
Reported investor-base context ↗