Physis Capital, a Delhi-based venture capital firm, said on May 27 that it reached the final close of its first 4 billion rupees (US$41.8 million) fund.

Backers include Star Union Dai-ichi Life Insurance and family offices in India.

The fund, launched in 2022 by the team behind Inflection Point Ventures, targets India-focused startups across sectors from pre-series A to series B.

Typical cheque sizes range from US$1 million to US$3 million, with some capital reserved for follow-on investments.

Physis said in June 2025 that it had secured over 2 billion rupees (US$20.9 million) in commitments, after a first close in May 2023.

The firm said it had deployed capital across 10 portfolio companies and expected to complete deployment in the next six to eight months.

Its portfolio includes companies spanning hyperlocal commerce, small-ticket lending, regional content, sports tech, and obesity management.

Physis also cited Bain data showing that Indian venture capital fundraising fell 35% in 2024, even as deal activity recovered.

🔗 Source: Physis Capital