Physis Capital, the growth-stage venture fund launched by Vinay Bansal, Ankur Mittal and Mitesh Shah, the team behind Inflection Point Ventures, has raised over ₹200+ crore to date, with the remaining capital expected to be secured over the next 6 to 9 months.
Following its first close, Physis Capital has been actively raising the corpus from family offices, HNIs, and institutional investors, who have played a pivotal role in the fund’s early momentum.
The fund has seen strong participation from marquee backers including SUD Life – a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings (managing over ₹31,000 crore in AUM). Other notable investors include Narayana Nethralaya, a NABH-accredited eye care institution in Bangalore, and prominent family offices like Haldiram’s and Lotus Holdings.
Focused on high-impact, tech-driven startups from pre-Series A to Series B, Physis backs bold founders solving real-world problems through innovation, with the potential to scale sustainably.
The fund aims to deploy capital in 15 – 20 startups by next year as it reaches its final close which is expected in the next 6 – 9 months. 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.
Physis Capital has also backed Ben & Gaws and CTPL and has 8 more deals in the pipeline, with 3–4 expected to close in the next two quarters.
Vinay Bansal, General Partner, Physis Capital 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 – 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. At present, we have 8 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 2 quarters. The pipeline spans diverse sectors, including healthtech, fintech, consumer brands, and quick commerce.”
Ankur Mittal, General Partner, Physis Capital, said, “Physis Capital is powered by a global network of experienced CXOs, senior advisors, and operators across 10+ countries. 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 markets and sectors.”
