Leading institutional investors and family offices such as SUD Life, Haldiram’s Family Office, Lotus Holdings, and Narayana Nethralaya join Physis Capital as LPs.
Physis Capital, the growth-stage venture fund from the powerhouse team behind Inflection Point Ventures (IPV), has crossed a major milestone in its fundraising journey. The fund has raised over ₹200 crore so far, with the final close expected in the next 6 to 9 months.
Credits: Startuptalky
Backed by Prominent Investors
Physis Capital has garnered strong support from a prestigious set of Limited Partners (LPs), including institutional heavyweights and reputed family offices. Notable backers include:
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SUD Life – a joint venture of Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings, managing over ₹31,000 crore in assets.
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Narayana Nethralaya – a NABH-accredited super specialty eye care institution.
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Haldiram’s Family Office and Lotus Holdings – well-known names in India’s business ecosystem.
This support signals strong confidence in Physis Capital’s differentiated, founder-first investment thesis focused on innovation-led growth.
Investing in Tech-Driven, Real-World Solutions
Physis Capital is targeting high-impact, tech-enabled startups solving real-world problems across sectors. The fund plans to back startups from Pre-Series A to Series B, with a cheque size of $1–1.5 million initially, and top-ups of $1–4 million for high-performing portfolio companies.
The fund has already invested in three startups:
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Ben & Gaws (industrial infrastructure solutions),
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CTPL (tech-led solutions),
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STAGE – a hyperlocal OTT platform producing content in regional dialects such as Haryanvi, Rajasthani, and Bhojpuri.
Physis aims to build a focused portfolio of 15 to 20 companies by next year and is actively pursuing 8 deals, with 3–4 expected to close in the next two quarters.
Backed by Operators, Not Just Capital
According to Ankur Mittal, General Partner at Physis Capital, “Our LPs bring more than just money. They provide strategic insights and global networks that help us make better investment decisions.”
Physis’ investor network spans 10+ countries, offering startups unparalleled access to international markets, sector experts, and senior operators.
The Team Behind the Fund
Physis Capital is helmed by the highly experienced trio from IPV:
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Vinay Bansal (Retail, E-commerce, Health-Tech, Consumer-Tech): With 24+ years in leadership and turnaround roles, he has played key roles in scaling and listing companies like Campus Shoes, Dodla Dairy, and RR Kabel.
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Ankur Mittal (Fintech, SaaS, Enterprise Tech): A former Credit Suisse and Citigroup executive with a global M&A background, he brings financial depth and institutional perspective to tech and enterprise deals.
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Mitesh Shah (Mobility, Climate-Tech, Consumer-Tech): Known for scaling Ola and BookMyShow, and ranked #32 on Fortune India’s Top 100 Investors list, Mitesh has a track record of identifying breakout startups.
Looking Ahead: Focus Sectors and Pipeline
The upcoming deals in the pipeline span:
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Healthtech
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Fintech
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Consumer brands
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Quick commerce
Vinay Bansal remarked, “We are laser-focused on identifying bold founders who are building innovative and scalable solutions with the potential to drive sustainable impact.”
With its strategic capital, global network, and sectoral expertise, Physis Capital is shaping up to be a serious contender in India’s venture ecosystem, as it sets the stage for a full close and a robust portfolio of transformative startups.
Credits: The Hindu Business Line
Conclusion:
Physis Capital is steadily emerging as a powerful force in India’s venture ecosystem, combining deep operational expertise with a sharp investment lens. With strong backing from marquee institutional investors and leading family offices, the fund is well-positioned to support India’s next generation of bold, tech-driven startups. Its selective, high-conviction approach ensures meaningful capital, strategic guidance, and long-term value creation for portfolio companies. As it approaches final close in the next few months, Physis Capital remains committed to building a transformative portfolio that delivers impact, innovation, and sustainable growth across sectors. The journey ahead looks promising—and closely watched.
