Elevation Capital, one of India’s leading venture capital firms, has announced the launch of a $400 million late-stage fund — Elevation Holdings — to back IPO-bound startups. This marks a significant shift from the firm’s traditional early-stage focus to long-term bets on companies ready to enter the public markets.
According to an ET report, Elevation Holdings will invest in 10–15 companies, with cheque sizes ranging between $20 million and $50 million. The focus will remain on consumer and financial services segments, with a strong emphasis on technology-driven businesses.
“Our horizons for investments are much longer and we will hold long enough to be considered permanent holders of the stock. We also have the flexibility in terms of having a non-intrusive check size for a company of that scale,” said Mridul Arora, Partner, Elevation Capital.
The fund will operate alongside Fund VIII, a $670 million early-stage vehicle that typically invests $2–5 million in startups. While Fund VIII supports young ventures, Elevation Holdings is designed to back companies not more than three years away from going public, particularly those already profitable or with a clear path to profitability.
The new fund has already deployed capital in Spinny, a leading used-car marketplace.
Past Investments & Track Record
Elevation Capital has a strong portfolio of investments across both listed and IPO-bound firms, including:
- Listed companies: FirstCry, Ixigo, MakeMyTrip, Paytm, Swiggy
- IPO-bound startups: Meesho, Urban Company
Recently, Elevation Capital also made partial exits from travel-tech firm Ixigo, strengthening its reputation for delivering strong returns.
This late-stage fund signals Elevation’s confidence in India’s maturing startup ecosystem and its readiness for public market value creation.
Disclaimer
This article is based on publicly available information and press statements. StartupByDoc does not provide financial or investment advice. Readers are encouraged to verify details independently before making any financial or business decisions.
— Your StartupByDoc Team