Elevation Capital, formerly known as SAIF Partners, and a name that has perhaps been as old in the Indian startup ecosystem as the ecosystem itself, has announced a brand new fund. And it is getting bigger and better. The newly announced ‘Fund VIII’ is a $670Mn India-focused fund, which Elevation capital says is their way of going “All In On India”.
In a press statement, the reputed VC fund says, “Elevation’s Fund VIII is one of the largest India-focused venture platforms to date, enabling us to continue being a pivotal catalyst for Indian founders to fulfill their aspirations. Fund VIII will allow us to demonstrate a greater commitment to exceptional founders with a larger initial investment and continued support to them until much later in their journeys.”
Erstwhile SAIF Partners, Elevation Capital is nearly two decades old, and has been an early backer of some of India’s biggest new-age companies. It includes some of India’s earliest startup entreprenuers, such as BookMyShow, FarEye, IndiaMart and Ixigo among others. And it also includes some new-age fast-growing brands such as Acko Insurance, Country Delight among others. Elevation has had IPO successes as well, such at the likes of IndiaMart and BookMyShow.
In most cases, the fund has achieved success largely due to its identification of companies at a very early-stage. The fund has mostly invested in Seed to Series A rounds, and plans to continue doing the same. The fund says, “We will continue to focus on the Seed/Series A stage as our 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.”
India itself has changed completely in the past two decades or so. The country now has over 100 unicorn startups, with a combined market capitalisation of over $240 Billion. And while that isn’t really a success metric, it does show the extent to which venture capitalists and private equity investors have showered — and continue to do so — capital on the India Story. A lot of the early-years startups are now IPOing or in the process of same, with investors reaping massive benefits on the back of relaxed regulations for startup listing.