Physis Capital Surpasses ₹200 Cr Milestone in Growth-Stage Fundraising

Om Singh

| 2025-07-14 | Founders Corner, Funding Feed

Strong Momentum in Fundraising

Physis Capital, a growth-stage venture fund established by Vinay Bansal, Ankur Mittal, and Mitesh Shah of Inflection Point Ventures (IPV), has successfully raised over ₹200 crore (approx. $23 million) as part of its ongoing funding initiative. The fund is targeting a total corpus of ₹400 crore (approximately $50 million), with the final close expected in the next 6 to 9 months.

This milestone highlights investor confidence in Physis Capital’s strategy, which emphasizes long-term value creation by backing promising tech-driven startups across India.

Backed by Prominent Institutions and Family Offices

Physis Capital has secured capital from an impressive lineup of limited partners (LPs), including:

SUD Life Insurance, a joint venture of Bank of India and Union Bank with Japan’s Dai-ichi Life
Haldiram’s Family Office, known for backing high-growth consumer brands
Lotus Holdings, a Mumbai-based family office with a focus on strategic long-term bets
Narayana Nethralaya, a leading super-specialty eye hospital based in Bengaluru

This diverse base of institutional and private investors brings both capital and strategic value to Physis Capital’s portfolio companies.

Selective Investment Strategy for Tech-Led Startups

The fund focuses on startups in the Pre-Series A to Series B stages, aiming to build a concentrated portfolio of 15 to 20 companies. It typically invests $1-1.5 million as initial checks, with follow-on investments between $1-4 million for startups demonstrating strong performance.

The sectors of interest include healthtech, fintech, enterprise SaaS, content, quick commerce, and consumer brands, reflecting the fund’s emphasis on scalable business models with strong unit economics.

Also Read: Why This Founder Moved His ₹100 Cr Startup to Goa and Never Looked Back

Early Bets: 3 Portfolio Companies and More on the Way

Physis Capital has already made three key investments:

Ben & Gaws, a B2B industrial automation firm
CTPL (College Tuition Payment Link), an education-fintech company helping Indian students fund higher education
STAGE, a hyperlocal OTT platform producing content in regional dialects like Haryanvi and Bhojpuri

These startups were selected for their strong growth potential, founder vision, and addressable market opportunities. The fund has eight more deals in its pipeline, with 3-4 expected to close in the next two quarters, according to internal sources.

Experienced Leadership Steering the Vision

Physis Capital is led by a trio of seasoned professionals with deep industry expertise:

Vinay Bansal, former CFO at Wildcraft and CEO at IPV, has led over 25 M&A and fundraising transactions.
Ankur Mittal, a former M&A specialist from New York and London, is a co-founder of IPV and brings a strong institutional investing background.
Mitesh Shah, with stints at BookMyShow and Ola, has also worked with Sequoia and was ranked #32 in Fortune India’s Top 100 Investors list.

Together, they bring decades of experience in scaling companies, structuring deals, and mentoring founders.

From Angel Investing to Institutional Growth Capital

Inflection Point Ventures, among the most active angel investment networks in India, launched Physis Capital in March 2022 with a $50 million CAT II AIF structure and included a green shoe of $25 million to allow for oversubscription.
By May 2023, the fund announced its first close, reaching a critical milestone by moving from angel investment to structured growth-stage funding, and IPV and Physis Capital uniquely became a platform to support the founders through early stage and growth stage.

Looking Ahead: Final Close and Deployment by 2026

The fund’s structure is divided equally across four investor categories: retail investors, family offices, financial institutions, and government bodies, each contributing around ₹100 crore. Physis Capital expects to finalize the fund by early 2026, having already raised more than half the target.

Commenting on the roadmap, Vinay Bansal said:

“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.”

Conclusion

As the Indian startup ecosystem develops, Physis Capital’s successful fundraising and founder focused mentality is an indicator of growing interest in quality venture investing. Physis has institutional confidence and a strong team, and it will likely play an important role in developing the next generation of Indian tech champions.

Also Read: Oben Electric Closes ₹100 Crore Series A Round to Accelerate National Expansion