Physis Capital raises over Rs.200-Cr for maiden fund

Gurugram-based venture capital firm Physis Capital has raised over INR 200 Cr as part of its INR 400 Cr maiden fund. The fund secured commitments from institutional investors, including SUD Life, which is a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings. Others who have committed to the fund include eyecare chain Narayana Nethralaya and family offices of Haldiram and Lotus Holdings.The VC firm launched its maiden fund in 2022 with a target of raising USD 50 Mn and marked the first close in May 2023.It focuses on startups from Pre-Series A to Series B and targets investment in the range of USD 1-1.5 Mn initially, with follow-on cheques of USD 1-4 Mn for high-performing portfolio companies.Physis Capital was set up by the founders of Inflection Point Ventures (IPV), and the fund has already invested in three startups, including edtech platform CTPL, steel fabrication solutions company Ben & Gaws and regional language OTT platform STAGE.