Physis Capital raises ₹200 crore, eyes 15+ startup deals by mid-2025

Backed by SUD Life, Haldiram's and others, Physis Capital aims to support 15+ high-impact startups with investments between $1-1.5 mn and top-ups up to $4 mn

Growth-stage venture fund Physis Capital on Wednesday announced that it has raised over ₹200 crore for its maiden fund. The fund, established by Vinay Bansal, Ankur Mittal, and Mitesh Shah of Inflection Point Ventures, plans to raise the remaining capital over the next six to nine months.

 

The fund has attracted investors including SUD Life — a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings. Other notable backers include Narayana Nethralaya, a NABH-accredited eye care institution in Bengaluru, and family offices such as Haldiram’s and Lotus Holdings.

 

Physis Capital plans to build a portfolio of over 15 companies by the first half of next year and aims to invest in high-impact, tech-driven startups in the pre-Series A to Series B stages. So far, the firm has eight deals in the pipeline and is preparing to issue term sheets for at least four of them in the coming months. These investments are expected to close within the next two quarters. The pipeline spans diverse sectors, including health-tech, fintech, consumer brands, and quick commerce, the company said in a statement.

 

The cheque sizes for these companies will range between $1 million and $1.5 million, with a potential top-up of up to $4 million in high-performing portfolio startups. The firm has invested in three companies to date — Ben & Gaws, CTPL, and STAGE. Its most recent investment was in STAGE, a hyperlocal OTT platform creating content in Indian dialects such as Haryanvi, Rajasthani, and Bhojpuri.

 

Vinay Bansal, general partner at the firm, said: “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.”