Inflection Point Ventures’ VC Arm Physis Capital Raises $23M, Final Close in Sight

Physis Capital, a growth-stage VC firm established by Inflection Point Ventures’ founding team—Mitesh Shah, Ankur Mittal, and Vinay Bansal—has garnered commitments exceeding ₹200 crore (around $23 million) for its maiden fund. The firm aims to reach its full target of ₹400 crore, with the final close anticipated in the next six to nine months.

The fund has attracted backing from well-known institutional and family office investors. These include Narayana Nethralaya, Haldiram’s family office, and Lotus Holdings, along with SUD Life—a life insurance company jointly owned by Japan’s Dai-ichi Life Holdings, Bank of India, and Union Bank of India. 

Physis Capital has already backed three startups — steel fabrication tech firm Ben & Gaws, edtech platform CTPL, and regional language OTT service STAGE. The fund is actively evaluating eight more opportunities and expects to issue term sheets for three to four startups in the next two quarters. These upcoming investments span sectors such as healthtech, fintech, consumer brands, and quick commerce.

Vinay Bansal, General Partner at Physis Capital, said the fund remains committed to founder-first investing and is confident about building a 15+ company portfolio by mid-2025. “With strong backing from marquee investors, we are well-positioned to support India’s next wave of tech-led startups,” he added.

Physis Capital’s investors include SUD Life—a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings—as well as Narayana Nethralaya, Haldiram’s family office, and Lotus Holdings. The firm noted that its LPs contribute more than just capital, offering strategic guidance and domain expertise to help scale portfolio companies.

Inflection Point Ventures introduced the fund in March 2022, setting an initial target of $50 million with an optional $25 million green shoe. It achieved its first close in May 2023 as a Category II AIF. Physis Capital focuses on backing technology-led ventures across stages from Pre-Series A to Series B, targeting sectors such as deeptech, logistics, SaaS, fintech, enterprise tech, and edtech.

Physis Capital’s maiden fund comes at a time when India’s venture ecosystem is seeing a resurgence in fund launches. Major players like Accel raised $650 million for its Fund VIII, Avendus closed its Fund III with $350 million and an INR 1,500 crore greenshoe option, while Bessemer Venture Partners is targeting $350 million for its second India-focused fund.

The leadership team at Physis Capital brings deep domain experience to the table—Vinay Bansal with over 20 years in retail and consumer sectors, Ankur Mittal with a background in global investment banking, and Mitesh Shah with operational stints at Ola and BookMyShow. This collective expertise drives the firm’s goal of building a focused, high-conviction portfolio of startups poised to become market leaders.