Inflection Point Ventures (IPV), an angel network founded by senior finance professionals from startups such as Myntra and BookMyShow, said it has launched an alternative investment fund (category II) with a corpus of $50 million (around Rs 380 crore).
The new fund -- Physis Capital -- will have a greenshoe option of another $25 million (around Rs 190 crore) and aims for its first close at $20 million (around Rs 152 crore).
It is in the final registration stage and is awaiting nod from the Securities Exchange Board of India (Sebi), IPV said in a statement.
The fund looks to invest in 15 to 20 startups via pre-Series A to Series B rounds, with an average ticket size of $2.5 million (around Rs 19 crore).
Physis Capital also looks to back companies across sectors including vertical commerce, consumer tech, content creator, business-to-business (B2B) software-as-a-service (SaaS) and enterprise tech.
“IPV is on a great run for the last four years. We have backed unicorns, soonicorns and fast-growing startups.
With a demonstrated track record of generating returns and making angel investment mainstream, our aim is now to bring our expertise and leverage our strengths in building Physis Capital as one of the most successful VC funds from India," said Mitesh Shah, Co-Founder at Inflection Point Ventures.
“Physis Capital is the result of our deep understanding of the startup ecosystem. This fund is for investing in select pre-Series A to Series B startups, to enable their success through an integrated ecosystem, consisting of technical, operational, business and strategic mentorship and support along with funding,” said Vinay Bansal, Partner, Physis Capital.
“We have built robust practices at IPV. Our due diligence is considered a benchmark in the industry and well respected by even the strongest VC firms.
On the startups’ side, we have deep relationships with top e-cells, incubators and other angel networks, which makes us confident of high quality startups inflow. These factors played a role in taking a step to launch a structured VC fund,” said Ankur Mittal, Partner, Physis Capital.
At Physis Capital, each investment will be led by at least one Partner with a support from experienced analysts and experts from the CXO network, IPV added.
Inflection Point Ventures is an angel investing platform with over 6,200 chief experience officers, high net-worth individuals and professionals.
The firm backs new-age entrepreneurs by providing them monetary and experiential capital and connecting them with a diverse group of investors.
IPV has so far backed 110 startups, of which it has secured full exits from nine investments and partial exits from around 12. Recently, it invested in merchandise startup Macmerise Celfie Design, waste management platform Cercle X, insurtech platform HealthySure and healthcare startup Hospals.
As per the latest Nasscom report, IPV was announced as one of the most active angel platforms in India in 2021.
