Minerva Punjab FC

RoundGlass Punjab FC was incorporated after acquiring 100% ownership stake of Punjab FC, ahead of the 2020–21 I-League season. On 15 June 2020, they appointed Curtis Fleming as their 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 new head coach of RoundGlass Punjab. After winning 4–0 against Rajasthan United on 4 March 2023, the club ensued their I-League win, and 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 2023 Indian Super Cup in Kerala. Their promotion to the Indian Super League was confirmed when AIFF declared that RoundGlass Punjab have been promoted to the 2023–24 Indian Super League season after securing the Premier 1 Club Licensing which was required to play in the league. The club secured license as 'Punjab FC' and will be playing in Indian Super League as Punjab FC.

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.