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.
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.
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.
Mutual funds see muted growth in 2022, expect better days in new year
How two Pythagoras crypto hedge funds dodged the market collapse
Large-cap MFs, Index Funds to attract flows as markets pick pace: Analysts
Once booming, Indian start-ups set for more pain as funding crunch worsens
Abu Dhabi Investment Authority to invest nearly $400 million in Lenskart
Meet GiGi- The teddy bear sent to space on SpaceX's chartered flight
India-Australia relationship based on mutual trust and respect: PM Modi
It's China's loss, not India's: Jitendra Singh on Beijing skipping G20 meet
Sri Lanka cabinet approves incentives to businesses at Colombo Port City
Pakistan's ex-PM Imran Khan gets interim bail in eight cases until June 8
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)