New Delhi, June 18 -- Venture capital firm Physis Capital, set up by the founders of angel investment platform Inflection Point Ventures (IPV), said Wednesday it has raised Rs 200 crore ($23.2 million) for its maiden fund and expects to mark its final close by early 2026.

The fund secured limited partner commitments from the family offices of the promoters of snacks maker and restaurant chain Haldiram's and personal care products maker Lotus Herbals.

Other LPs who committed to the fund include SUD Life Insurance and Bengaluru-based eyecare chain Narayana Nethralaya, the VC firm said in a statement. SUD Life is a joint venture among Bank of India, Union Bank of India, and Japan's Dai-ichi Life Holdings.

Physis also said it expects to make the fund's final close in the next six to nine months. VCCircle previously reported, in November last year, that the firm had pushed the final closing timeline to 2026 from its earlier target of 2024.

The VC firm was established by IPV founders Vinay Bansal, Ankur Mittal and Mitesh Shah. It launched its maiden fund in 2022 with a target of raising $50 million and marked its first close in May 2023.

Physis said it expects to build a portfolio of over 15 companies by the first half of 2026, with eight deals currently in the pipeline. Of the eight deals, the VC fund expects to issue term sheets for three or four startups within the next two quarters. It didn't name these startups but said they span sectors like healthtech, fintech, consumer brands, and quick commerce.

The VC firm invests in tech-driven startups from pre-Series A to Series B rounds, expecting to write the first cheque in the range of $1.0-1.5 million with a top-up of $1-4 million in high-performing startups from the portfolio. Physis has invested in three companies to date-manufacturing-tech startup Ben & Gaws, edtech firm CTPL, and OTT platform STAGE.

"With strong support from marquee investors and a clear focus on founder-first investing, Physis Capital is well-positioned to back the next wave of high-impact startups in India," said Bansal, general partner at the VC firm.

Published by HT Digital Content Services with permission from VC Circle.