Latest News | Physis Capital Reaches First Close of USD 7 Million for USD 50 Million Fund

New Delhi, May 23 (PTI) Physis Capital on Tuesday announced its first close of USD 7 million (about Rs 58 crore) for its USD 50 million (about Rs 414 crore) fund, and said it is on track to achieve the final close in 2024.

Physis Capital will actively look to invest from its first fund by Q3 2023 in startups looking to raise pre Series A to Series B (or growth stage) capital.

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The fund, which is a sector agnostic, is looking to build a portfolio of 15-20 startups with an average ticket size of USD 2.5 million.

"We have seen investors interest remaining steady with respect to startup investments in the Indian startup ecosystem," Ankur Mittal, Partner at Physis Capital, said.

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He added: "...we've received good interest in the past few months, especially from new investors who are backing the GPs (General Partners) and investing with us for the first time, looking at our track record".

Mitesh Shah, Partner at Physis Capital, said that while majority of funds raised by the company so far are from Indian investors belonging to HNIs (High Net-worth Individuals) and family offices. It is now receiving significant interests from investors across multiple international locations, including Singapore, the US and the UAE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)