Venture capital firm Physis Capital has made the final close of its maiden VC fund at Rs 400 crore (around $42 million), with commitments from institutional investors and family offices including Star Union Dai-ichi Life Insurance, Haldiram’s Family Office, Lotus Holdings, Ajmera Realty, Narayana Nethralaya and DS Group.
Founded by former Inflection Point Ventures executives Vinay Bansal, Ankur Mittal, Mitesh Shah and Vinod Bansal, Physis Capital invests in startups from Pre-Series A to Series B stages with cheque sizes ranging between $1 million and $3 million (around Rs 9.5-29 crore). The fund is sector-agnostic and focuses on startups using technology to address structural challenges in India.
Mittal, managing partner at Physis Capital, said that their fund stands out because of the quality of partners backing it. "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,” he said.
The firm said it has already invested in 10 startups and deployed or committed more than 60% of the corpus. It is targeting a concentrated portfolio of 15–20 companies by December 2026. The fund will continue deploying into new opportunities, with particular interest in consumer-tech, fintech and deep-tech.
"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," said Shah, managing partner, Physis Capital.
Its existing portfolio includes Momentum, a commerce platform for HoReCa businesses; Olyv, a small-ticket lending platform; STAGE, a regional content platform; Hudle, a sports-tech startup; and Elevate Now, an obesity management platform.
The firm has reserved a portion of the corpus for follow-on investments in the fund’s highest-conviction portfolio companies.
“We're focussed 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,” Bansal, managing partner at Physis Capital, said.
The firm plans to launch a larger second fund in the fourth quarter of calendar year 2026.
