Early-stage venture capital firm Elevation Capital announced a new $670 million fund, Fund VIII, to accelerate partnerships by partnering with early-stage companies in India. The fund is said to be one of the largest in India to support upcoming founders.
Elevation would continue to focus on Seed and Series A financing of early stage companies.
The VC said that India’s startup ecosystem has the potential to grow more than 10-fold in the next decade, with Indian tech companies reaching a market capitalization of $2 trillion.
Elevation Capital is a leading venture capital firm providing seed and early stage capital for start-ups in India.
Managed by co-managing partners Ravi Adusumalli and Mukul Arora, along with three CEOs, Mridul Arora, Deepak Gaur and Mayank Khanduja, Elevation began investing in Indian companies in 2002. The company has deployed nearly $2 billion of capital in more than 150 companies to date, some of which include, and others.
Commenting on the new fund, an official statement read: “We believe we are in the golden age of Indian entrepreneurship, and technology-driven innovation will spearhead India’s rise to economic superpower. Twenty years ago, when Elevation (then SAIF Partners) began investing in India, it was hard to imagine the pace at which technology would permeate all spheres of life. We at Elevation are proud and privileged to be an enabler for many transformational founders from the beginning of their journeys.”