Elevation Capital has launched its $670 million Fund VIII to invest in early-stage Indian start-ups. The firm will continue to focus on the Seed/Series A stage as its core.

“Early-stage investing is where we have found our ikigai — the perfect intersection of our capabilities, passion, and the needs of the founder ecosystem,” the firm said in a statement on Friday.  

Accelerated funding

Elevation Capital’s investment pace is said to have accelerated and gone up by 100 per cent, in the past 12 months. Over the past two decades, it has invested almost $2 billion of capital in over 150 companies across seven funds, with 13 early-stage investments becoming unicorns. 

Some of the portfolio companies include Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company, and Xpressbees among others. Its portfolio range across sectors like consumer internet, SaaS, fintech, consumer brands, edtech, healthtech and web3/crypto. 

“India’s equity market capitalisation is already the fifth-highest in the world at $3.2 trillion and is expected to approach $10 trillion over the next 10 years. Given that the Indian start-up ecosystem has an even stronger outlook, we are further convinced that we have just scratched the surface of India’s tech potential. The nearly 100 unicorns in India alone have a combined valuation of $240 billion. We believe that this will grow over 10x over the next decade and Indian tech companies will have more than $2 trillion of market cap,” the firm added.  

Elevation Capital provides seed and early-stage capital for emerging companies in India and has been investing here since 2002. The firm is led by Co-Managing Partners Ravi Adusumalli and Mukul Arora, along with three Managing Directors Mridul Arora, Deepak Gaur and Mayank Khanduja. Elevation Capital has offices in Bengaluru, Gurgaon and Salt Lake City.