Physis Capital, a growth-stage venture fund, has announced reaching an important milestone in its fundraising journey. The fund has raised over $23 million (₹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. 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 and win big.
Vinay Bansal, General Partner, Physis Capital, says, “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.”
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,” says Ankur Mittal, General Partner, Physis Capital.
Physis Capital is led by a seasoned leadership team of IPV whose combined experience spans operations, finance, and venture investing. Vinay Bansal, with over 24 years of experience, brings a rare blend of turnaround expertise and growth-stage leadership. He has played pivotal roles in transforming businesses like Vishal Mega Mart and Healthium, and has successfully taken companies such as Campus Shoes, RR Kabel, and Dodla Dairy to IPO. At Wildcraft and Milkbasket, he helped scale operations from the ground up, and later founded Inflection Point Ventures’ first fund. Vinay leads Physis’ investments across Retail, E-commerce, Agri-Tech, Consumer-Tech, Health-Tech, and Sports & Fitness.
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. 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.
