Homegrown venture capital firm Elevation Capital has closed its ninth flagship fund that will invest in early-stage AI-focused startups in India.
The VC firm said it has collected $500 million (about Rs 4,810 crore) for the vehicle, lower than what its predecessor fund raised in 2022. It had secured $670 million (Rs 5,080 crore) in commitments for its eighth India-focussed vehicle in April 2022.
However, last year, the firm rolled out a dedicated vehicle for making late-stage bets in companies that are preparing to go public in one to three years.
“Together with Elevation Holdings, the $400 million late-stage vehicle we launched last year, our commitment to Indian founders continues to deepen, and we walk with founders from the very first cheque through their life as an enduring public company,” it said on Tuesday.
Through the ninth fund, Elevation will invest in seed and Series A companies, just like its predecessor funds.
The VC firm typically chases investments in sectors such as consumer products and services, technology, media, education, telecom, financial services, healthcare, travel and tourism, and manufacturing.
“We remain all in, on India. We remain sharply focused on Seed and Series A, where conviction matters most. We will partner early, partner deeply, and partner for the long run,” Elevation said in a statement.
Elevation Capital, previously known as SAIF Partners, has been investing in India since 2002 and backed some of the technology majors such as Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company and Xpressbees.
It has clocked exits from names such as payments company Paytm, travel-tech firm Ixigo, and home services provider Urban Company among others.
