Physis Capital raises over INR ₹200 crore to back tech startups

Physis Capital has secured over INR ₹200 crore in funding as it progresses towards its final close in the next six to nine months.

The growth-stage venture fund, founded by Vinay Bansal, Ankur Mittal, and Mitesh Shah, has surpassed this fundraising milestone with participation from leading institutional investors and family offices. Notable backers include SUD Life, Haldiram's Family Office, Lotus Holdings, and Narayana Nethralaya, who have joined Physis Capital as limited partners.

Physis Capital intends to invest in high-impact, tech-driven startups from Pre-Series A to Series B rounds, with the goal of building a portfolio of 15 to 20 companies. The first cheque size offered by the fund will range between USD $1 million and USD $1.5 million, with the potential for follow-on investments of USD $1 million to USD $4 million in high-performing startups within its portfolio.

To date, Physis Capital has invested in three companies: Ben & Gaws, CTPL, and STAGE. The most recent investment, STAGE, is a platform delivering hyperlocal OTT content in Indian dialects such as Haryanvi, Rajasthani, and Bhojpuri, aimed at reaching regional audiences across the country.

Investor engagement

Since its initial close, Physis Capital has actively raised its corpus from a range of backers, including family offices, high-net-worth individuals (HNIs), and institutions. SUD Life, a joint venture between Bank of India, Union Bank of India, and Japan's Dai-ichi Life Holdings, which manages assets exceeding INR ₹31,000 crore, is one of the prominent participants. Other investors include Narayana Nethralaya, a National Accreditation Board for Hospitals & Healthcare Providers (NABH)-accredited eye care organisation in Bangalore, alongside Haldiram's and Lotus Holdings family offices.

Physis Capital's strategy focuses on supporting founders who address real-world problems through technology-based solutions, with priority given to those presenting sustainable scaling potential and ambitious business models.

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.

said Vinay Bansal, General Partner, Physis Capital.

Portfolio management

Physis Capital is supported by a global network of experienced CXOs, senior advisors, and operators in more than ten countries. Highlighting the value that limited partners bring to the fund, Ankur Mittal, General Partner, remarked:

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

Physis Capital's leadership comprises professionals with backgrounds in operations, finance, and venture investing. Vinay Bansal has more than two decades of experience in business transformation and leadership, with involvement in scaling companies such as Vishal Mega Mart and Healthium, and taking firms like Campus Shoes, RR Kabel, and Dodla Dairy to initial public offerings. He also played roles in Wildcraft and Milkbasket and was instrumental in founding Inflection Point Ventures' first fund. Bansal leads investments across retail, eCommerce, agri-tech, consumer-tech, health-tech, and sports and fitness sectors.

Ankur Mittal brings over 22 years of financial expertise, with a background in mergers and acquisitions and valuation at global firms such as Credit Suisse and Citigroup. He developed Training the Street (TTS) into a significant financial training company and has experience working with sovereign wealth funds and leading universities. At Physis, Mittal drives investments in fintech, SaaS, enterprise tech, ed-tech, deep-tech, and logistics.

Mitesh Shah has over 22 years of experience and has played a key role in developing consumer-tech businesses in India, including Ola and BookMyShow. Recognised as a Sequoia scout and listed among Fortune India's Top 100 Investors, Shah leads investments in mobility, auto-tech, content, social media, climate-tech, fintech, and consumer-tech for Physis Capital.

Looking ahead

Physis Capital plans to make further investments over the coming months, with eight deals currently in the pipeline and expectations to issue term sheets for three to four companies in the near future. The fund aims to deploy capital in up to 20 startups by next year as it works towards its final close within the next six to nine months.