In a world overflowing with capital but short on conviction, Physis Capital is choosing to do things differently—with depth, clarity, and a bold belief in founders.
Launched by startup ecosystem veterans Vinay Bansal, Ankur Mittal, and Mitesh Shah—the founding trio behind Inflection Point Ventures (IPV)—Physis Capital has just crossed a major milestone, raising over ₹200 crore (~$23 million) as part of its ongoing growth-stage fund.
This isn’t just another fund with a scattergun approach. It’s a concentrated, founder-first vehicle that plans to invest in just 15–20 high-potential, tech-led startups, from Pre-Series A to Series B—selectively, strategically, and with staying power.
“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,” said Vinay Bansal, General Partner at Physis Capital. “We are on track to build a portfolio of over 15 companies by the first half of next year.”
With early bets placed on promising startups like Ben & Gaws, CTPL, and STAGE, and 8 more deals already in the pipeline, the team is wasting no time in turning capital into momentum. Within the next two quarters, 3–4 more startups are expected to join the fold.
Physis is backed by a diverse pool of respected investors, including SUD Life, Haldiram’s Family Office, Lotus Holdings, and Narayana Nethralaya—each bringing more than just money to the table: trust, legacy, and belief.
What sets Physis apart is its blend of experience and focus. Initial cheque sizes will range from $1–1.5 million, with follow-on rounds up to $4 million for portfolio stars. It’s not just about getting in early, but staying the course—guiding, growing, and scaling.
The fund’s journey began with ambition. Back in March 2022, IPV unveiled its vision for a $50 million CAT II fund, with a green shoe option of $25 million. By May 2023, Physis Capital had achieved its first close. And now, with ₹200 crore locked in and the final close expected within 6 to 9 months, the momentum is undeniable.
At its heart, Physis Capital isn’t just investing in businesses. It’s investing in builders—the relentless founders who will define India’s next tech decade.
