India-based growth stage investor Physis Capital, launched by the founders of Inflection Point Ventures (IPV), has raised nearly $23 million (Rs 200 crore) for its maiden fund so far and aims to close the fundraising within the next six to nine months.
Following the first close of $7 million in 2023, Physis Capital has been raising the corpus from family offices, HNIs, and institutional investors, who have played a pivotal role in the fund’s early momentum, it said in a statement.
The fund, which is eyeing a corpus of $50 million, has seen participation from backers including SUD Life—a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings (managing over Rs 31,000 crore in AUM).
Other notable investors include Narayana Nethralaya, a NABH-accredited eye care institution in Bangalore; and family offices like Haldiram’s and Lotus Holdings.
The sector-agnostic fund is looking to build a portfolio of 15-20 startups by next year. The first cheque size will be in the range of $1-1.5 million with a topup of $1-4 million in high-performing startups from the portfolio, the firm said.
“At present, we have eight deals in the pipeline and are confident about issuing term sheets for 3-4 of them in the coming months. These investments are expected to close within the next two quarters. The pipeline spans diverse sectors, including healthtech, fintech, consumer brands, and quick commerce,” said Vinay Bansal, general partner, Physis Capital.
Established by Vinay Bansal, Ankur Mittal, and Mitesh Shah, Physis recently made its third investment in STAGE, a hyperlocal OTT platform creating content in Indian dialects like Haryanvi, Rajasthani, and Bhojpuri—serving regional audiences across the country.
