Growth-stage venture capital firm Physis Capital has closed its maiden fund at ₹400 crore ($48 million), about four years after its launch, according to inc42.com. The fund had its first close at over ₹200 crore last year and has already deployed or committed more than 60% of its capital across 10 startups.
Physis Capital raised the fund from a mix of domestic institutional investors, corporate leaders, and family offices, including Star Union Dai-ichi Life Insurance, and family offices linked to Haldiram’s, Lotus Herbals, Ajmera Realty, Narayana Nethralaya, and DS Group. The firm focuses on investing in Pre-Series A to Series B stage startups, with average cheque sizes ranging from $1 million to $3 million. It has also reserved part of the fund for follow-on investments in its highest-conviction bets.
The fund’s portfolio includes startups such as HoReCa supply platform Momentum (formerly Urban Harvest), sportstech startup Hudle, regional-language OTT platform STAGE, and weight-loss healthtech Elevate Now. Physis Capital’s managing partner Vinay Bansal said the firm targets founders addressing structural problems in India, including access to capital and healthcare affordability, and aims to back teams building beyond metro markets.
Physis Capital plans to fully deploy the remaining capital from the fund, continuing to evaluate new investment opportunities. The firm’s focus on backing startups solving real issues across sectors positions it to support India’s growing startup ecosystem in the coming years, according to inc42.com.