Deepti Sri · · 1 min readIndia’s Physis Capital hits first close of $50m fund
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India-based Physis Capital, a growth-stage VC firm, has raised US$7 million in the first close of its US$50 million maiden fund. The company is on track to hit the final close of the fund in 2024.
Mitesh Shah, partner at Physis Capital, said the firm has been receiving “significant interests” for its fund from investors based in Singapore, the US, the United Arab Emirates, and other international markets.
Launched in 2022, the maiden fund is a Category II alternative investment fund, which is defined by Indian regulations as “private equity funds or debt funds for which no specific incentives or concessions are given by the government.”
The VC firm is looking to invest in 15 to 20 startups at the pre-series A to series B stages. The sector-agnostic fund will have an average ticket size of US$2.5 million.
“Physis Capital will be focused on identifying companies that have a solid business model and are likely to generate sustainable returns in the long-term, while avoiding those with high cash burn, high capex requirements, and low customer stickiness,” the company said in a statement.
See also: No VC: This one-man startup made S$500k profitably in its 1st year
Editing by Thu Huong Le and Lorenzo Kyle Subido
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