Vinay Bansal, Ankur Mittal, and Mitesh Shah of Inflection Point Ventures founded Physis Capital, a growth-stage venture fund, which has raised more than Rs 200 crore ($23 million) in its current fundraising campaign.
The company estimates that the final close will occur in the upcoming six to nine months. The fund seeks to create a concentrated portfolio of 15–20 businesses, concentrating on tech-driven startups from Pre-Series A to Series B. It will make an initial investment of $1–1.5 million, with follow-on checks for high-performing portfolio companies totaling $1–4 million.
Three startups—Ben & Gaws, CTPL, and STAGE—have already received funding from Physis Capital, and the firm has eight more deals in the works, three to four of which should close in the upcoming two quarters.
Leading organizations and family offices have contributed to the fund, including Narayana Nethralaya, Lotus Holdings, Haldiram’s Family Office, and SUD Life.
“With strong support from marquee investors and a clear focus on founder-first investing, Physis Capital is well-positioned to back the next wave of high-impact startups in India. We are on track to build a portfolio of over 15 companies by the first half of next year,” said Vinay Bansal, General Partner, Physis Capital.
The $50 million new fund Physis Capital, with a $25 million green shoe option, was announced by angel investment platform Inflection Point Ventures (IPV) in March 2022. The first close of a $50 million CAT II fund was announced by Physis Capital later in May 2023.
