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Leading venture capital firm <keyword id="10135370" type="General" weightage="80" keywordseo="elevation-capital" source="Orion">Elevation Capital</keyword> on Friday announced its eighth $670 million fund for early-stage startups in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and to help their founders realise their dreams. Over the past two decades, the company has invested almost $2 billion of capital in over 150 companies across seven funds, with 13 early-stage investments becoming unicorns. These include category leaders such as Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company, Xpressbees and several others. With the $670 million Fund VIII, the VC said in a statement that it will once again focus on the seed/Series A stage as its core. According to the company, its investment pace has been accelerating and went up by 100 per cent in the past 12 months. The firm has to date invested in over 150 companies across consumer internet, SaaS, fintech, consumer brands, edtech, healthtech and Web3/Crypto, and has offices in Bengaluru, Gurugram and Salt Lake City in the US. "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," said the VC. Elevation (earlier SAIF Partners) first started investing in India 20 years ago. India's equity market capitalisation is already the fifth-highest in the world, at $3.2 trillion, and is expected to approach $10 trillion over the next 10 years. "We have just scratched the surface of India's tech potential. The 100 unicorns in India alone have a combined valuation of $240 billion. We believe that this will grow over 10x over the next decade and Indian tech companies will have more than $2 trillion of market cap," said the company. The firm is led by co-managing partners <keyword id="304089" type="General" weightage="80" keywordseo="ravi-adusumalli" source="Orion">Ravi Adusumalli</keyword> and <keyword id="1700264" type="General" weightage="80" keywordseo="mukul-arora" source="Orion">Mukul Arora</keyword>, along with three managing directors <keyword id="10135369" type="General" weightage="80" keywordseo="mridul-arora" source="Orion">Mridul Arora</keyword>, Deepak Gaur and <keyword id="3039894" type="General" weightage="80" keywordseo="mayank-khanduja" source="Orion">Mayank Khanduja</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/hal-delivers-the-first-made-in-india-dornier-228-aircraft-to-alliance-air/slidelist/90719494.cms">HAL delivers the first made-in-India Dornier 228 aircraft to Alliance Air</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/abu-dhabis-ihc-to-invest-2-billion-primary-capital-in-three-adani-group-companies/articleshow/90725697.cms">Abu Dhabi's IHC to invest $2 billion primary capital in three Adani Group companies</a>

Elevation Capital announces $670 million fund for early-stage startups

<ul><li><keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>, one of India’s most successful VC firms, is back in a new avatar – <keyword id="10135370" type="UNKNOWN" weightage="20" keywordseo="Elevation-Capital">Elevation Capital</keyword>.</li><li>It also announced the closure of its seventh fund in India for $400 million.</li><li>SAIF Partners, when it was formed in 2001, stood for Softbank Asia Infrastructure Fund. </li></ul>SAIF Partners, one of India’s most successful VC firms, is back in a new avatar – Elevation Capital. The firm, which was founded in 2001, has backed several <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> in India – seven of which have gone one to become unicorns. With a new fund of $400 million – its seventh fund in India, Elevation Capital joins the likes of Sequoia, Lightspeed Partners, Chiratae Ventures – all of whom have successfully closed their funds in the middle of the pandemic. Rationale behind the rebranding SAIF Partners, when it was formed, stood for Softbank Asia Infrastructure Fund. Even though SoftBank quit as an LP (Limited Partner) back in 2004, the firm had continued with the same branding. “We felt that the name SAIF, while well recognized, didn’t communicate what we stand for to our partners and founders. While the rebranding has been a thought over the years, and (with) a new fund raise in the offing, we thought that the time was prime to think about a new name that echoes our investment ethos better,” said Deepak Gaur, Managing Director. Some of its big investments so far <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MakeMyTrip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Justdial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FirstCry </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unacademy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NoBroker </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Urban Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharechat </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Assets Under Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over $2 billion until Fund VII </td></tr></tbody></table> New brand, new fund, same investment thesis The new brand Elevation Capital, Gaur added, reflects their investment ethos and commitment to the founders who help redefine their future. Elevation Capital’s seventh fund will continue to work on the same investment philosophy, where the partners will invest in early-stage companies. “We will continue to focus on the Seed/Series A stage. As for the sectors, we will continue to invest across consumer internet (including e-commerce, edtech, gaming, content), consumer brands, global SaaS and financial services,” said Mayank Khanduja, Managing Director. Elevation Capital partners who will make the call for investments <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ravi Adusumalli </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deepak Gaur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mayank Khanduja </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mridul Arora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukul Arora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivek Mathur </td></tr></tbody></table> While each partner has a target of two investments per year, the firm doesn’t have a set goal for the seventh fund. “We have a long-term orientated approach with our funds and portfolio companies and we are selective in the investments that we make, so that we can do justice to the relationship we have with the founders. We don’t have any target number of investments in a year,” said Khanduja. SEE ALSO: <a href="https://www.businessinsider.in/business/news/justdial-jd-mart-challenges-indiamart-oldest-ecommerce-after-24-years/articleshow/78781834.cms">India’s oldest e-commerce platform is bracing for its first direct challenge in 24 years as Justdial ups its game</a>

INTERVIEW: Here’s why one of India’s most successful VC firms rebranded itself in the middle of a pandemic

In order to go head-to-head with the top players of online retail in India, the country’s fastest growing <keyword id="48155" type="UNKNOWN" weightage="20" keywordseo="mcommerce">mCommerce</keyword> website <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>, which started in 2010, has appointed <keyword id="1761044" type="UNKNOWN" weightage="20" keywordseo="Ruchi-Sanghvi">Ruchi Sanghvi</keyword>, the first woman engineer at Facebook, WhatsApp global business head Neeraj Arora and InMobi founder <keyword id="272912" type="PERSON" weightage="20" keywordseo="Naveen-Tewari">Naveen Tewari</keyword> to its board. 
 <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, founder and CEO of Paytm, told The Economic Times, "We are a young company and need help in scaling Paytm to become India's most dominant mobile Interncompany." 
 Sharma further added, "Ruchi brings a great tech and product background, Neeraj is one of the best-connected <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> Indians and Naveen knows how to build a world-class organisation from India." 
 Apart from Sharma and these latest appointments, Noida-based Paytm board includes Ravi Adusumalli, Vivek Mathur of Saif Partners, Das of Sapphire Ventures, Kunal Bajaj of Analysys Mason and venture investor <keyword id="2916152" type="UNKNOWN" weightage="20" keywordseo="Michael-Levinthal">Michael Levinthal</keyword>. 
 In February, Paytm raised $575 million (Rs 3,600 crore) from Chinese <keyword id="436047" type="UNKNOWN" weightage="20" keywordseo="Ecommerce">eCommerce</keyword> giant <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>'s affiliate Ant Financial Services Group at an estimated valuation of over $1.5 billion, and now it's looking to compete with the India’s top e-tailers like Flipkart, Snapdeal and <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> in a fierce battle for talent as well as market share in the country. 
 
"We look to bring global talent and best practices for scaling to half-a-billion Indians on the Paytm platform. I can see our very strong independent board helping us achieve that," said Sharma. 
 
By 2020, the Indian Internet market is expected to grow to $137 billion as against $11 billion in 2013. 
(Image: Paytm)

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Elevation Capital announces $670 million fund for early-stage startups

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INTERVIEW: Here’s why one of India’s most successful VC firms rebranded itself in the middle of a pandemic

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Paytm makes high-profile appointments to spearhead growth

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