Growth-stage venture fund Physis Capital raises over Rs 200 crore

Physis Capital, the growth-stage venture fund established by Vinay Bansal, Ankur Mittal and Mitesh Shah, has raised over Rs 200 crore to date, with the remaining capital expected to be secured over the next 6 to 9 months.

Following its first close, Physis Capital has been actively raising the corpus from family offices, HNIs, and institutional investors, who have played a pivotal role in the fund’s early momentum. The firm said the fund has seen strong participation from marquee backers including SUD Life - a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings (managing over Rs 31,000 crore in AUM).

Other notable investors include Narayana Nethralaya, a NABH-accredited eye care institution in Bangalore, and prominent family offices like Haldiram’s and Lotus Holdings.

Focused on high-impact, tech-driven startups from Pre-Series A to Series B, Physis backs bold founders solving real-world problems through innovation.

"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.

The firm has a global network of experienced CXOs, senior advisors, and operators across 10+ countries.

“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,” said Ankur Mittal, General Partner of Physis Capital.

Physis recently made its third investment in STAGE, a hyperlocal OTT platform creating content in Indian dialects like Haryanvi, Rajasthani, and Bhojpuri - serving regional audiences across the country. The fund aims to deploy capital in 15 to 20 startups by next year as it reaches its final close which is expected in the next 6 to 9 months.