Elevation Capital, a leading force in India’s startup ecosystem, has made a bold stride by unveiling Elevation Holdings, a $400 million late-stage fund. This move marks the firm’s expansion beyond early-stage investing, signaling a strong commitment to supporting startups as they mature and prepare for IPOs. The fund is designed to help these companies scale confidently and navigate the public market journey.
From Early-Stage to IPO Support
Elevation Capital is renowned for backing some of India’s biggest success stories, including Paytm, Swiggy, Meesho, and Urban Company. Historically focused on early-stage investments through vehicles like its $670 million Fund VIII, which typically invests between $2 to 5 million per startup, Elevation is now stepping into the late-stage arena. This strategic shift highlights its intention to accompany founders well beyond the initial growth phases, right through to public listing.
Fund Strategy and Focus
- Corpus: $400 million
- Target: 10 to 15 companies
- Check Size: $20 to 50 million per investment
The fund primarily focuses on consumer businesses and financial services leveraging technology-driven models. Distinctively, Elevation Holdings adopts a patient, long-term approach—providing “permanent capital” and holding investments for 10 to 15 years, even post-IPO. This stands in contrast to many late-stage investors who often seek quick exits.
First Big Bet: Spinny
Elevation Holdings has already made waves with its first investment in Spinny, a used-car marketplace. Participating in Spinny’s $170 million funding round, the fund demonstrates its seriousness in backing high-potential, IPO-ready companies from the outset
Why this Timing Matters
Late-stage funding in India had slowed in recent years amid global market uncertainties and cautious investor moods. As startups ramp up IPO preparations to raise capital and expand, Elevation Capital’s entrance provides crucial patient capital during this pivotal growth phase. This aligns with global trends where venture firms establish late-stage or secondary funds to maintain long-term investments in their star portfolio companies.
The Broader Impact
- More Indian startups gain the support they need to go public.
- A focus on profitability drives more sustainable business models.
- Elevation Capital’s presence boosts global investor confidence in Indian tech.
- Founders receive unwavering support before and after IPOs.
Voices from Leadership
Mukul Arora, Co-Managing Partner, shared:
“With this experience, we believe we are uniquely positioned to support the journey to going public and, more importantly, what comes the day after.”
Mridul Arora added:
“Our horizons for investments are much longer, and we will hold long enough to be considered permanent holders of the stock.”
These insights reflect Elevation’s belief in stability, patience, and deep partnerships with founders.
Some Recent Launched Fund for Early Stage Startups
Speciale Invest, a Chennai-based VC, recently closed its ₹600 crore ($70 million) third fund in just two months—overshooting its ₹500 crore target. Mainly backed by Indian HNIs, family offices, and strategic investors, the fund will invest in 18–20 deep-tech startups at the pre-seed and seed stage, reserving half for follow-on rounds. Check out full information of this fund here.
Inflection Point Ventures (IPV) just launched IPV International, a $110 million (₹960 crore) angel fund under GIFT City’s IFSCA framework, targeting early-stage to pre-Series A startups in India and globally. Investments will range from $100,000 to $1 million per company, with the first closing in April 2025 and the debut investment already made in Singapore’s deep-tech Cellivate Technologies. Check out full information of this fund here.
Natasha Malpani, former partner at Kae Capital, has launched Boundless Ventures, an early-stage fund with a corpus of ₹200 crore aimed at investing in India’s rapidly growing AI startup ecosystem. The fund primarily focuses on pre-seed and seed-stage companies working across consumer AI applications, infrastructure, agent tooling, healthcare, logistics, and Make-in-India AI hardware. Check out full information of this fund here.
Final Thoughts
Elevation Holdings is more than a fund—it’s a strong statement about the maturation of India’s startup ecosystem. By backing promising ventures through their IPO journey and beyond, Elevation is providing vision, confidence, and long-term support at a time when growth capital can be scarce. This bold step sets the stage for India’s next wave of IPOs, poised to have lasting economic impact
