AMC Background

Physis Capital is an India-focused growth-stage investment platform positioned as an operator-led alternative asset manager, with its flagship offering being the India Growth Opportunity Fund. The platform has been purpose-built to invest in technology-enabled, growth-stage Indian startups, typically spanning Pre-Series A to Series B, where business models are validated but institutional capital and operational depth can materially accelerate scale. Physis draws heavily on the institutional and experiential foundation built through its association with Inflection Point Ventures (IPV), one of India’s largest angel investing platforms, which has evaluated over 17,000 startups and invested in more than 215 companies over the past five years.

The AMC is distinguished by a deeply operational DNA. The general partners and senior leadership collectively bring decades of hands-on experience in building, scaling, turning around, and exiting businesses across consumer tech, fintech, enterprise technology, logistics, health-tech, and climate-tech. This includes prior experience of taking companies from early scale to IPO, executing M&A transactions, and delivering full and partial exits at meaningful multiples.

Investment Philosophy

Physis Capital’s investment philosophy is centred on identifying and nurturing high-potential Indian startups that are solving real, large-scale problems with technology as an enabler. The core objective is to invest at a stage where execution risk is moderated, but valuation inefficiencies and growth optionality remain substantial. The fund targets businesses that have already demonstrated early product–market fit and operating traction, and are poised to emerge as category leaders with the right capital, governance, and strategic support.

The philosophy combines disciplined selection with active ownership. Physis does not pursue broad-based portfolio diversification; instead, it constructs a relatively concentrated portfolio of 15–18 companies, enabling meaningful involvement in each investment. Capital is deployed only where founders demonstrate strong integrity, ambition, and execution capability, and where businesses can scale sustainably at fair valuations rather than speculative pricing.

Sourcing Advantage

Deal sourcing is a core competitive advantage for Physis. The platform leverages a wide ecosystem comprising over 200 venture capital and private equity firms, 30+ incubators and accelerators, investment banks, institutional partners, and a large founder and angel investor network. This ecosystem-driven sourcing allows Physis to selectively cherry-pick high-quality opportunities from a vast funnel, with an acceptance rate of roughly 1% from over 17,000 evaluated startups.

Due diligence is partner-led and highly granular, combining financial, legal, and business diligence with deep sectoral inputs from subject-matter experts and industry practitioners. Each investment is assessed across a proprietary framework covering market size, competitive moats, unit economics, scalability, governance standards, and founder alignment. The process is explicitly designed to reduce behavioural and execution risk rather than chase headline growth.

Active Ownership

A defining pillar of Physis Capital’s philosophy is hands-on post-investment involvement. Beyond capital, portfolio companies receive sustained technical, operational, and strategic mentorship. This includes support in senior management hiring, working capital optimisation, financial controls, governance structuring, KPI and operating rhythm design, and access to debt, VC, and PE networks for follow-on funding. The platform actively identifies super-performing portfolio companies and selectively doubles down through follow-on investments to enhance overall fund IRR.

Exit planning is integrated early into the investment lifecycle. Physis focuses on enabling both full and opportunistic exits through strategic sales, secondary transactions, or later-stage institutional rounds, rather than relying solely on long-duration holding. This exit-aware approach is intended to improve capital recycling, reduce tail risk, and deliver more predictable outcome distributions for investors.