Physis Capital, a venture capital firm founded by the creators of Inflection Point Ventures (IPV), has successfully raised ₹200 crore ($23.2 million) for its debut fund. The firm aims to reach its final close by early 2026, with a target of securing additional investments over the next six to nine months. The fund has already garnered commitments from notable family offices, including those of Haldiram’s and Lotus Herbals, as well as financial institutions such as SUD Life Insurance and Narayana Nethralaya.
Physis Capital was established by Vinay Bansal, Ankur Mittal, and Mitesh Shah, the founding partners of IPV. The firm launched its maiden fund in 2022 with a target of raising $50 million and achieved its first close in May 2023. The venture capital firm focuses on investing in tech-driven startups, specifically those in the pre-Series A to Series B rounds. Physis Capital typically invests between $1-1.5 million in its initial investment, with the possibility of follow-on investments ranging from $1-4 million in high-performing startups.
To date, Physis Capital has invested in three companies: Ben & Gaws, a manufacturing-tech startup; CTPL, an edtech firm; and STAGE, an OTT platform. The firm has a pipeline of eight potential deals, spanning sectors such as healthtech, fintech, consumer brands, and quick commerce. It anticipates issuing term sheets for three or four startups within the next two quarters. By the first half of 2026, Physis Capital expects to have built a portfolio of over 15 companies.
According to Vinay Bansal, General Partner at Physis Capital, the firm is well-positioned to support the next generation of high-impact startups in India, thanks to the strong backing of marquee investors and its founder-first investing approach. With its maiden fund, Physis Capital aims to provide critical funding and guidance to innovative startups, enabling them to scale and achieve their growth potential.