India, May 27 -- Growth-stage venture capital (VC) firm Physis Capital has announced the final close of its maiden fund at Rs.400 Cr ($48 Mn) about four years after launch.

Physis raised capital from a mix of domestic institutional investors, corporate leaders, and prominent family offices including Star Union Dai-ichi Life Insurance, family offices of Haldiram's, Lotus Herbals, Ajmera Realty, Narayana Nethralaya, and DS Group.

Physis Capital will continue to invest in Pre-Series A to Series B stage startups across sectors. The average cheque size per investment for the VC firm is in the range of $1-3 Mn. Besides, the firm has also reserved a portion of the corpus for follow-on investments in "highest-conviction" bets.

The firm announc...