Physis Capital, the growth-stage venture fund set up by Vinay Bansal, Ankur Mittal, Mitesh Shah and Vinod Bansal, the team behind Inflection Point Ventures, has made the final close of its maiden fund at Rs 400 crore ($41.77 million), per an announcement.
The fund saw participation from domestic institutions and family offices despite a subdued fundraising environment over the past two to three years. Its LPs include Star Union Dai-ichi Life Insurance and the family offices of Haldiram’s, Lotus Herbals, Ajmera Realty, Narayana Nethralaya, and Dharampal Satyapal Group (DS Group). Its investor base also includes executives from private equity firms and recently listed companies.
Physis Capital invests in startups from pre-Series A to Series B, with cheque sizes ranging from $1 million to $3 million.
The sector-agnostic fund focuses on backing companies using technology to solve structural challenges in India. It has also earmarked a portion of the corpus for follow-on investments in high-conviction portfolio companies.
“We’re focused on backing founders solving real, structural problems across India, whether it’s access to capital, healthcare affordability, or building for the next wave of consumers beyond the metros,” said Vinay Bansal, Managing Partner at Physis Capital, in a statement.
Physis has invested in 10 companies so far and committed over 60% of its corpus, with full deployment expected over the next 6–8 months. Its portfolio includes companies such as Momentum, Olyv, STAGE, Hudle, and Elevate Now.
