Physis Capital Secures Rs 400 Crore for Maiden Fund, Targets 15-20 Startup Investments

Physis Capital Closes Maiden Rs 400 Crore Fund Amid Ongoing Support for India-Focused Venture Funds

Growth-stage venture firm Physis Capital has announced the final close of its maiden Rs 400 crore fund. Despite a subdued fundraising environment, domestic investors and family offices continue to back India-focused venture funds. The fund has attracted backing from investors including Star Union Dai-ichi Life Insurance, the family offices of Haldiram’s, Lotus Herbals, Ajmera Realty, Narayana Nethralaya, and DS Group.

Founded by Vinay Bansal, Ankur Mittal, Mitesh Shah, and Vinod Bansal, Physis Capital invests in pre-Series A to Series B startups, with cheque sizes ranging from $1 million to $3 million. The firm has already deployed or committed over 60 percent of the corpus across 10 portfolio companies and expects to complete deployment over the next six-to-eight months. Its portfolio includes Momentum, Olyv, STAGE, Hudle, and ElevateNow.

Physis Capital is targeting a concentrated portfolio of 15-20 companies by December 2026, with a focus on sectors such as consumer tech, fintech, and deeptech. The firm plans to launch a larger second fund in Q4 CY26.

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The investors backing Physis Capital's maiden fund reflect a shared belief in disciplined investing and long-term value creation in India. The firm's focus on quality partnerships and a concentrated portfolio strategy is expected to yield strong returns in the coming years.

Note: The percentages in the table represent the proportion of domestic investors and family offices supporting India-focused venture funds in each quarter.