Physis Capital Eyes 20 Start-Up Bets After Raising Over ₹200 Cr for Its Maiden Fund

Growth-stage investor Physis Capital, backed by the founding team of Inflection Point Ventures, has secured over ₹200 crore for its maiden fund. The fund aims to close the remaining fundraising within next nine months. The total fund size is approximately ₹417 crore.

This capital will be invested into 15-20 start-ups over the next 12-15 months. For this, the target would be pre-Series A to Series B companies with strong revenue traction.

Since its launch, the fund has been actively raising the corpus from family offices, HNIs (high-net-worth individuals), and institutional investors. It has seen participation from marquee backers like SUD Life (a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings).

Other notable investors include Narayana Nethralaya, and prominent family offices like Haldiram’s and Lotus Holdings.

“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 - partnering with bold, ambitious teams to drive long-term, sustainable growth. We are on track to build a portfolio of 15+ companies by the first half of next year,” said Vinay Bansal, general partner at Physis Capital.

Currently, the fund has eight deals in the pipeline, with around four of them coming in next few 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, he added.

“Our LPs bring more than just capital — they bring unmatched strategic insights and deep industry expertise that help us make sharper, more impactful investment decisions. Their active, hands-on involvement adds substantial value, propelling our portfolio companies as they scale across diverse market and sectors,” said Ankur Mittal, General Partner, Physis Capital.

Physis Capital is led by Vinay Bansal, Ankur Mittal, and Mitesh Shah (founding members of Inflection Point Ventures). Bansal has played pivotal roles in transforming businesses like Vishal Mega Mart and Healthium, and has successfully taken companies such as Campus Shoes, RR Kabel, and Dodla Dairy to IPO.

While Mittal has worked in M&A and valuation across New York and London with institutions like Credit Suisse and Citigroup, Shah has been instrumental in scaling two of India’s most iconic consumer-tech companies—Ola and BookMyShow.

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.