Physis Capital: Growth-Stage Venture Fund with Over Rs 200 Crore Raised

Physis Capital has raised over Rs 200 crore (approximately $23 million) in its current fundraising endeavour. This growth-stage venture fund, spearheaded by Vinay Bansal, Ankur Mittal, and Mitesh Shah from Inflection Point Ventures, is poised for a final close in the forthcoming 6 to 9 months. The focus of Physis Capital is on technology-driven startups from Pre-Series A to Series B, aiming to curate a concentrated portfolio of 15 to 20 enterprises. It plans to make initial investments ranging from $1 to $1.5 million, and subsequent funding between $1 to $4 million for its most promising portfolio companies.

Current Investments and Future Plans

Physis Capital has already extended its support to three startups: Ben & Gaws, CTPL, and STAGE. Additionally, there are eight more deals under consideration, with 3 to 4 expected to reach closure in the next two quarters.

Investor Participation

The fund has attracted participation from several prominent institutions and family offices, including SUD Life, Haldiram’s Family Office, Lotus Holdings, and Narayana Nethralaya.

Strategic Vision

Vinay Bansal, General Partner at Physis Capital, stated that with robust backing from significant investors and a clear commitment to founder-first investing, Physis Capital is strategically positioned to support the next generation of impactful startups in India. The aim is to build a portfolio of over 15 enterprises by the first half of the upcoming year.

Fund History

In March 2022, Inflection Point Ventures (IPV) revealed the launch of Physis Capital, a $50 million fund with an additional green shoe option of $25 million. Following this, in May 2023, Physis Capital announced its first close at the CAT II level with the $50 million fund.