Delhi : Physis Capital, the growth-stage venture fund established by Vinay Bansal, Ankur Mittal, Mitesh Shah and Vinod Bansal, the powerhouse team behind Inflection Point Ventures, has announced the final close of its maiden INR 400 Crore fund. The fund attracted strong interest and participation from domestic institutions and family offices, a notable achievement given the subdued fundraising environment over the past two to three years.
Physis Capital invests in Pre-Series A to Series B stage startups, with cheque sizes of USD 1–3 million. The fund is sector-agnostic, with a focus on backing startups that deploy technology to address structural problems facing India. A portion of the corpus has been reserved for follow-on investments in the fund’s highest-conviction portfolio companies.
Commenting on the fund’s thesis, Vinay Bansal, Managing Partner at Physis Capital, said, “We’re focused on backing founders solving real, structural problems across India, whether it’s access to capital, healthcare affordability, or building for the next wave of consumers beyond the metros. We look for teams building with conviction and depth.”
The fund is backed by a marquee and diversified LP base comprising institutional investors, leading family offices, and senior corporate leaders. Notable investors include Star Union Dai-ichi Life Insurance, alongside the family offices of Haldiram’s, Lotus Herbals, Ajmera Realty, Narayana Nethralaya and Dharampal Satyapal Group (DS group). The LP base also includes leadership from marquee private equity funds and CXOs of companies that have recently gone public, reflecting strong institutional confidence in Physis Capital’s strategy.
Commenting on the milestone, Ankur Mittal, Managing Partner at Physis Capital, said, “What stands out for us is the quality of partners backing the fund. We’re seeing seasoned operators and institutional leaders choose to work with us, reflecting a shared belief in disciplined investing and long-term value creation in India.”
Physis has deployed capital across 10 portfolio companies to date and expects to complete its deployment over the next 6–8 months. The fund has already deployed or committed over 60% of its corpus, building a diversified portfolio of businesses solving for Bharat. These include Momentum (formerly Urban Harvest), a hyper local commerce solutions platform for HoReCa players; Olyv, which addresses small-ticket liquidity needs; STAGE, a regional content platform preserving India’s cultural heritage; Hudle, a sports-tech platform encouraging fitness participation; and Elevate Now, focused on obesity management. The portfolio is already showing strong growth momentum, resulting in a NAV uptick in Q4 2025.
Building on this momentum, Physis Capital is targeting a concentrated portfolio of 15–20 companies by December 2026. With a robust pipeline, the fund will continue deploying into new opportunities, with particular interest in consumer-tech, fintech, and deep-tech.
Mitesh Shah, Managing Partner, said, “Our approach is built on discipline and consistency. Every investment goes through a rigorous, partner-led evaluation, with strong emphasis on governance, transparency, and downside protection. Over time, this is what drives repeatable outcomes.”
He further adds, “As India’s startup ecosystem enters a new phase of maturity, Physis Capital remains committed to being a believer in founders building for the next decade”.
The fund has also been instrumental in expanding access to the asset class, bringing several first-time investors into venture capital, guided by a shared conviction in India’s long-term growth story and the merits of disciplined early-stage investing. Physis is also set to launch a significantly larger Fund II in Q4 CY26, reflecting strong momentum and investor confidence.
Physis Capital prides itself on a partner-led approach to both investment and portfolio management. Each General Partner personally mentors portfolio founders, with value creation and governance forming the bedrock of the firm’s operating philosophy.
