New fund · Financial Services

Physis Capital closes ₹400 crore fund to invest in India’s growth-stage startups

By Startup Enthusiast · 27 May 2026

Date: 27 May 2026
Company: Physis Capital
What it does: growth-stage venture capital firm
Kind: New fund
Amount: ₹400 Cr
Stage: maiden fund final close
Founded: 2022
Sector: Financial Services

What they do

Physis Capital, a growth-stage venture capital firm, has closed its maiden fund of ₹400 crore ($48 million) to invest in startups at Pre-Series A to Series…

What happened

The fund has already deployed or committed over 60% of its capital across 10 startups, including Momentum, Hudle, STAGE, and ElevateNow

Why it matters

Physis Capital plans to launch a significantly larger second fund in Q4 2026, indicating long-term confidence in India’s startup ecosystem

The details

Physis Capital has announced the final close of its maiden fund at ₹400 crore ($48 million), marking a significant milestone for the growth-stage venture capital firm.
Physis Capital was founded in 2022 by former executives from Inflection Point Ventures, including Vinay Bansal, Ankur Mittal, and Mitesh Shah.
Physis Capital focuses on investing in startups at Pre-Series A to Series B stages, with an average investment range of $1 million to $3 million per company.
Physis Capital has already deployed or committed over 60% of its fund across 10 startups, including Momentum, Hudle, STAGE, and ElevateNow.
Physis Capital plans to complete the deployment of the remaining capital over the next 6–8 months, aiming to build a concentrated portfolio of 15–20 companies by December 2026.
Physis Capital intends to launch a significantly larger second fund in Q4 2026, indicating long-term confidence in India’s startup ecosystem.

The bigger picture

India’s startup ecosystem has seen a surge in early-stage investing, but growth-stage capital remains a critical gap for many founders.
The fund has attracted support from a mix of institutional investors and prominent family offices, highlighting increasing confidence in India’s venture capital landscape.
The final close of the fund comes at a time when the Indian startup funding environment has been subdued in recent years, with a decline in overall funding volumes.

About the business

Physis Capital is a growth-stage venture capital firm that invests in startups transitioning from product-market fit to scale.
The firm focuses on sectors such as consumer technology, fintech, and deeptech, which are rapidly expanding across India’s digital economy.
Physis Capital typically invests between $1 million and $3 million per startup, with a focus on building a concentrated portfolio of 15–20 companies.
The firm has already deployed or committed over 60% of its fund across 10 startups, including Momentum, Hudle, STAGE, and ElevateNow.
Physis Capital plans to fully deploy the remaining capital over the next 6–8 months, with a target of completing the portfolio by December 2026.

What happens next

Physis Capital plans to launch a significantly larger second fund in Q4 2026, indicating long-term confidence in India’s startup ecosystem.
The firm intends to complete the deployment of the remaining capital over the next 6–8 months, with a target of completing the portfolio by December 2026.

The deal

Type: fund

Investors

Star Union Dai-ichi Life Insurance (investor) — A major insurance company in India.
Haldiram’s Family Office (investor) — A prominent family office associated with the Haldiram’s brand.
Lotus Holdings (investor) — A private equity and investment firm.
Ajmera Realty (investor) — A real estate and investment company.
Narayana Nethralaya (investor) — A leading eye care hospital and healthcare provider.
DS Group (investor) — A diversified business group with interests in real estate, healthcare, and education.

Founders

Vinay Bansal, Managing Partner
Ankur Mittal, Co-Founder
Mitesh Shah, Co-Founder

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