Elev8 Venture Partners has finalized its maiden fund, securing $160 million (₹1,400 crore). This milestone is a strong indicator of the continued appetite for venture capital investments in the Indian market, despite a global slowdown in VC funding. The India-focused fund has garnered support from a diverse range of investors, spanning from Korea to Hong Kong, including sovereign wealth funds, family offices, and unicorn founders. This successful fund closure signals confidence in India's growth story and its thriving startup ecosystem.
Elev8's investment strategy centers on providing growth capital to Indian startups, specifically targeting Series B & C rounds with investments typically ranging from $8 million to $15 million. The fund focuses on companies with valuations between $100 million and $350 million. The VC firm's investment thesis encompasses premium consumer brands, tech-driven fintech, and scalable B2B software solutions. While artificial intelligence (AI) is a prominent sector, Elev8 is currently holding off on major AI investments until revenue maturity becomes more evident.
The fund has already deployed 35% of its capital across five companies: Astrotalk, IDfy, Smallcase, Porter, and Snapmint. These companies are experiencing rapid growth, exceeding 30% annually, while maintaining profitability. Elev8 has co-invested alongside its limited partners (LPs), including family offices and high-net-worth individuals (HNIs), in some of these investments. This validates the quality of the deals and increases the overall capital directed towards its portfolio companies. The remaining capital is planned for deployment over the next 12–18 months, targeting high-growth businesses aligned with Elev8's investment framework.
Elev8 Venture Partners, launched in 2023, is dedicated to supporting visionary entrepreneurs and high-growth Indian businesses. The firm aims to empower technology-driven companies that are redefining industries, providing not only capital but also strategic expertise and operational support. Elev8's investment philosophy is grounded in rigorous research, sector-specific insights, and a hands-on partnership approach. The core objective of the Elev8 VC Fund is to create long-term capital appreciation by investing in high-growth, tech-enabled companies. The fund places a strong emphasis on revenue traction, retention, and expansion potential, supporting companies that are positioned to become market leaders in their respective segments.
India's venture capital landscape has demonstrated resilience, with funding rebounding to $13.7 billion in 2024, 1.4 times the levels seen in 2023. This growth is supported by strong domestic fundamentals, progressive regulatory reforms, and increasing public market activity, solidifying India's position as the second-largest VC destination in the Asia-Pacific region. The Indian government has also reinforced this ecosystem through strategic initiatives such as the Startup India Initiative, the ₹10,000 crore Fund of Funds Scheme, and the ₹5 billion Technology Adoption Fund. The number of domestic PE/VC funds has increased tenfold over the past decade, from 14 in 2014 to 145 in 2024, highlighting the expanding domestic VC ecosystem.
