Physis Capital announces final close of maiden Rs 400 crore fund

Early stage venture capital firm Physis Capital has announced the final close of its maiden Rs 400 crore fund, backed by institutional investors and family offices including SUD Life, Lotus Holdings, Ajmera Realty, Narayana Nethralaya, and DS Group.

Founded by the creators of Inflection Point Ventures 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.

The firm has already invested across 10 portfolio companies and expects to complete deployment over the next 6 to 8 months. More than 60% of the fund corpus has already been deployed or committed across a diversified portfolio that includes Momentum, Olyv, STAGE, Hudle, and Elevate Now.

Physis Capital Managing Partner Vinay Bansal said, “We're focused 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. We look for teams building with conviction and depth."

As a sector agnostic fund, Physis Capital is targeting a concentrated portfolio of 15–20 companies by December 2026 with particular interest in consumer-tech, fintech, and deeptech.

Physis Capital Managing Partner Ankur Mittal said, “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.”

It is also planning to launch a larger Fund II in the fourth quarter of 2026.

Mitesh Shah, Managing Partner, Physis Capital said, “As India's startup ecosystem enters a new phase of maturity, Physis Capital remains committed to being a believer in founders building for the next decade.”