Elevation Capital has launched a $400-million late-stage investment vehicle, Elevation Holdings, to back Indian technology companies preparing for public market listings.
The move marks an expansion for the venture capital firm, best known for its early-stage bets on companies such as Swiggy, Meesho, Paytm, FirstCry, and Urban Company.
In a blog post, Elevation said the new fund will make “concentrated, high-conviction investments” and remain a long-term partner to founders “well beyond the IPO.” The firm emphasised that its early-stage strategy remains core, with the new vehicle designed to complement its seed and Series A focus.
Elevation Holdings will typically write $20-50 million cheques in 2-4 deals a year, targeting companies with “several years of compounding growth ahead of them,” according to a Moneycontrol report citing Elevation’s partners. The fund will stay invested even after IPOs, unlike hedge funds and mutual funds that often rotate out quickly.
“We believe a partner like us who has a venture DNA, and who can actually be very patient, very long term, is what founders also seek at that (pre-IPO) stage,” Mukul Arora, co-managing partner at Elevation, told Moneycontrol. “At that stage, as a founder, you need investors who can work with you and think on similar time horizons.”
The firm’s first late-stage deal under the new strategy was participation in Spinny’s $170-million round earlier this year, the report said. Elevation said it will also selectively invest in companies it has previously missed through its core fund.
Elevation joins a growing number of venture investors raising late-stage capital to tap India’s deepening public markets pipeline, as more startups gear up for listings over the next few years.
