One of India’s most active angel investment platforms, Inflection Point Ventures (IPV), has launched a $110-million fund under the GIFT City regime, marking its first foray into cross-border fund structures.
Named IPV International, the fund became operational earlier this year, completing its first close in April. It targets early-stage to pre-Series A companies with cheque sizes ranging from $100,000 to $1 million.
While sector-agnostic, IPV International will maintain a strategic focus on a few high-growth sectors. It has already made its first investment in Cellivate Technologies, a Singapore-based biotech startup working on alternatives to fetal bovine serum.
“We are seeing strong interest not just from Indians & NRIs but also from non-Indian investors eager to invest in the booming Indian startup ecosystem, and the GIFT City structure makes it significantly easier for them to invest,” said Vinay Bansal, CEO of IPV.
With the new fund, IPV is seeking to broaden its investor base and portfolio beyond India. The structure under IFSCA (International Financial Services Centres Authority) allows participation from Indian residents, NRIs, OCIs, and foreign nationals, with minimal regulatory overhead. For non-resident investors, income sourced solely from GIFT City investments is exempt from Indian tax filings.
For Indian residents, the structure simplifies the process of backing overseas startups by avoiding the typical restrictions under ODI (Overseas Direct Investment) and SEBI rules.
Founded in 2018, IPV has backed over 220 startups and claims 50 exits. It counts more than 24,000 CXOs, HNIs and professionals as part of its investor network. IPV had previously launched Physis Capital, a $50-million Category II VC fund focused on pre-Series A to Series B rounds. With IPV International, the firm is now looking to replicate that model across borders.
Mitesh Shah, co-founder, added that the fund will likely appeal to both Indian and global LPs.
“Combined with the tax efficiency and regulatory clarity offered by the GIFT City framework, the fund is well-positioned to attract a global investor base, including both domestic and international participants,” Shah said.
IPV was among the most active Indian venture investors in June 2025, alongside Elevation Capital, IvyCap, and Accel, according to DealStreetAsia’s monthly deal report. Some of its investments include BharatPe, Milkbasket, BluSmart, Otipy, Etheral Machines, Lissun, etc.
