Key Highlights
- Leading institutional investors and family offices such as SUD Life, Haldiram’s Family Office, Lotus Holdings, and Narayana Nethralaya join Physis Capital as LPs
- Final close expected in next six to nine months
- Physis to invest on high Impact, tech driven startups from Pre Series A to Series B rounds
- Aims to build a select portfolio of 15 — 20 startups
- First cheque size will be in the range of $1M-1.5M with a top up of $1-4M in high performing startups from the portfolio
- Physis Capital has invested in three companies so far — Ben & Gaws, CTPL, and STAGE
Physis Capital, the growth-stage venture fund established by Vinay Bansal, Ankur Mittal and Mitesh Shah, the powerhouse team behind Inflection Point Ventures, have announced reaching an important milestone in the fund raising journey. The fund has raised over ₹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 (managing over Rs 31,000 crore in AUM). 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.
Commenting on the milestone reached by Physis, 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.
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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.
Ankur Mittal brings over 22 years of deep financial expertise, having worked in M&A and valuation across New York and London with institutions like Credit Suisse and Citigroup. He built Training the Street (TTS) into one of Asia’s premier financial Phygital training companies where he worked closely with world’s largest sovereign wealth funds and top tier global universities. At Physis, he drives investments in Fin-Tech, SaaS, Enterprise Tech, Ed-Tech, Deep-Tech, and Logistics, where his institutional lens adds significant value.
Mitesh Shah, with 22+ years of experience, has been instrumental in scaling two of India’s most iconic consumer-tech companies—Ola and BookMyShow. A former Sequoia scout and ranked #32 on Fortune India’s Top 100 Investors list, Mitesh is known for backing innovative, high-growth ventures. He leads investments in Mobility, Auto-Tech, Content, Social Media, Climate-Tech, FinTech, and Consumer-Tech.
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.
