Venture capital firm Elevation Capital has strengthened its investing team with the appointment of former Facebook executive Amit Aggarwal as vice president.
Aggarwal will focus on investing in startups in social, content and commerce spaces, Elevation said in a statement on Tuesday. He will focus on early stage investments along with two other vice presidents, Srinivas Bhaskar and Akarsh Shrivastava.
“Amit brings with him rich experience of working with Facebook and multiple startups during his stint at Bain. We are delighted to have him join us in helping early-stage founders build out world class companies,” Ravi Adusumalli, managing partner, Elevation Capital, said.
An alumnus of IIM Calcutta and IIT Delhi, Aggarwal previously worked with Facebook as India lead for strategic planning and operations. Previously, he was an entrepreneur in residence (EIR) at Hero Electronix and had a seven-year stint at consulting firm Bain and Company where he served clients in the consumer internet and technology verticals.
“I am thankful for my prior experiences at Facebook, Bain and Hero which helped me build deep perspectives on Internet and startup ecosystems. Elevation Capital has deep roots and experience as early partners to several category defining companies, and I am eager to work with visionary entrepreneurs, as they build truly path-breaking businesses,” Aggarwal said.
A leading VC house in India, Elevation Capital invests seed and early stage capital across consumer internet, financial services, logistics, enterprise SaaS (software as a service), consumer brands and B2B (business-to-business) services.
Previously known as SAIF Partners, the 20-year-old firm rebranded to Elevation Capital in October last year and closed its seventh consecutive fund, dubbed SAIF Partners India VII, at $400 million. The latest fund takes the firm’s total assets under management to more than $2 billion. The fund is led by Adusumalli, along with five partners Deepak Gaur, Mukul Arora, Mridul Arora, Vivek Mathur and Mayank Khanduja.