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Physis Capital, a growth-stage venture capital firm, has announced the final close of its maiden fund at INR 400 crore, marking a key step in its investment plans. The firm was founded by Inflection Point Ventures executives Vinay Bansal, Ankur Mittal, Mitesh Shah and Vinod Bansal.
The fund will focus on startups from Pre-Series A to Series B stages with planned investments ranging between USD 1 million and USD 3 million per company. It aims to build a portfolio of 15 to 20 startups across sectors such as consumer technology, fintech and deeptech.
Physis Capital said it has already deployed or committed over 60 percent of the fund across 10 startups. Its current portfolio includes companies such as Momentum, Olyv, STAGE, Hudle and ElevateNow.
The fund has received backing from a mix of institutional investors and family offices, including Star Union Dai-ichi Life Insurance, Haldiram’s Family Office, Lotus Holdings, Ajmera Realty, Narayana Nethralaya and DS Group.
The firm expects to complete the remaining deployment over the next six to eight months as it continues to evaluate new opportunities.
Physis Capital had earlier raised over INR 200 crore (about USD 23 million), during its fundraising efforts last year. It also plans to launch a larger second fund in the fourth quarter of calendar year 2026.
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