Minerva

In April 2020, RoundGlass Sports Pvt. Ltd. completed the acquisition of the I-League club Minerva Punjab, rebranding it later the year as RoundGlass Punjab. After promotion to the ISL, they changed name to Punjab FC in July 2023. On 15 June 2020, they appointed Curtis Fleming as head coach. On 15 July, they appointed Nikolaos Topoliatis as new technical director. As the season progressed, Punjab made it to the championship stage and finished their season with a 2–3 loss to Churchill Brothers. They achieved 2nd position with 22 points in 15 league matches.

In August 2022, Staikos Vergetis was appointed as the new head coach of RoundGlass Punjab. After winning 4–0 against Rajasthan United on 4 March 2023, the club ensued their I-League title, gaining promotion to the Indian Super League for the first time. They ended the season with 52 points in 22 league matches.

RoundGlass Punjab later participated in the 2023 Indian Super Cup. Punjab began their 2023–24 season campaign on 23 September, in a 3–1 away defeat to Mohun Bagan, in which Luka Majcen scored club's first ever ISL goal. They secured first league point on 6 October, in an 1–1 tie with NorthEast United, in their first home match at the Jawaharlal Nehru Stadium in Delhi. On 19 December, French playmaker Madih Talal scored a goal, gave Punjab their historic first match win in the Super League as they defeated Chennaiyin by 1–0 at home. The club achieved their first away win later on 12 February 2024, defeating Kerala Blasters 3–1 in Kochi. The club registered their biggest win on 10 April defeating East Bengal 4–1, ended the league campaign with 24 points in 22 matches. In the 2024–25 Indian Super League, Punjab ended their regular season campaign in tenth place, gaining 28 points. On 22 April, the club defeated previous season's runners-up side Odisha 3–0 in Super Cup and reached quarter-finals.