2 days ago
Physis Capital Secures Over INR 200 Cr to Back High-Impact Startups
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Physis Capital, the growth-stage venture fund launched by Vinay Bansal, Ankur Mittal, and Mitesh Shah—the founding team of Inflection Point Ventures—has raised over INR 200 crore from marquee institutional investors and family offices, including SUD Life, Haldiram's Family Office, Lotus Holdings, and Narayana Nethralaya. The final close of the fund is expected in the next six to nine months.
The fund aims to invest in 15–20 high-impact, tech-driven startups across Pre-Series A to Series B rounds. Physis Capital will deploy initial cheques of USD 1–1.5 million and reserve follow-on investments of USD 1–4 million in high-performing portfolio companies. So far, it has already backed three ventures—Ben & Gaws, CTPL, and STAGE.
"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," said Vinay Bansal, General Partner, Physis Capital. "We are currently evaluating 8 deals and expect to issue term sheets for 3–4 of them in the coming months, with sectors spanning healthtech, fintech, consumer brands, and quick commerce."
The investor base includes notable names such as SUD Life—a JV between Bank of India, Union Bank, and Japan's Dai-ichi Life Holdings—and sector leaders like Narayana Nethralaya, along with influential family offices like Haldiram's and Lotus Holdings. These LPs bring not only capital but also strategic insights and domain expertise.
"Our LPs add immense value beyond funding," added Ankur Mittal, General Partner. "Their operational depth and industry networks enhance our investment strategy and help scale our portfolio companies faster."
Physis Capital benefits from its leadership's extensive experience: Bansal with over two decades in retail and consumer brands, Mittal's financial acumen from global investment banking, and Mitesh Shah's operational expertise from Ola and BookMyShow. Together, they aim to build a concentrated, high-conviction portfolio that supports India's next generation of category-defining startups.
