Elevation Capital Raises $670M Fund To Invest In India

Elevation Capital has raised $670 million for its latest fund as it doubles down on early-stage investing in India.

The firm, which is based in India, has invested in more than 150 companies via seven funds in the last two decades or so (originally as SAIF Partners) and 13 of its early-stage investments have become unicorns, such as Swiggy and Rivigo, according to Elevation Capital. Now, with its eighth fund, it’s focusing on seed and Series A investments.

“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 wrote in a statement announcing its new fund. “As a result, our investment pace has been accelerating and went up by 100%, just in the past 12 months.”

Some of Elevation Capital’s most recent investments include Country Delight, Curelink and CityMall. The vast majority of its investments so far this year have been seed or Series A funding rounds, including for Sprinto, Pillow and Turnip.

Although the firm has been around for some time, it believes India’s tech ecosystem “has now reached an inflection point.”

“Not only is India’s GDP set to cross $5 trillion in five years, this rising prosperity is augmented by foundational rails such as the UPI system, Universal ID, and streamlined taxation structures,” the firm wrote. “Adding value to this mix are favorable factors such as a deep professional talent pool with global tech exposure, soaring internet mobile penetration rates and strong global capital inflows.”

Some of Elevation Capital’s exits include IndiaMART, Playment and Toppr.

Illustration: Li-Anne Dias

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