Venture capital firm Elevation Capital has raised $500 million for its ninth India-focused fund, reinforcing its focus on early-stage investments.
The new vehicle, Elevation Capital Fund IX, will primarily back seed and Series A startups, with a focus on companies building application-layer solutions in artificial intelligence.
“With our $500-million Fund IX, we are doubling down on this once-in-a-generation opportunity for India and Indian founders,” Elevation Capital said in a statement.
“We remain all in, on India. We remain sharply focused on Seed and Series A, where conviction matters most. We will partner early, partner deeply, and partner for the long run, just as we have for the last 25 years. Our deliberate design choices—deep domain expertise on every board, a stellar founder success team that accelerates the 0-to-1 journey, and a partnership that stays all in through the hardest phases—are how we show up as your partners,” it added.
Elevation Capital Fund IX follows the firm’s $670-million Fund VIII raised over four years ago. Alongside Fund IX, Elevation Capital manages a separate $400-million fund launched in August last year, taking its total capital under management for deployment to about $900 million.
According to the firm, India presents a significant opportunity, with more than 900 million people online and supported by robust digital public infrastructure, including Aadhaar and UPI, though gaps persist in access to core services such as healthcare, education and financial services.
“These are harder problems than anything we have solved so far. Solving these will require leveraging AI, but it will equally need very hard on-the-ground execution—in clinics and classrooms, and in languages and geographies, where no playbook exists. We believe the best of healthcare, education and financial services will reach all of India for the first time, enabled by AI, built by Indian founders,” the firm said.
Elevation Capital has been investing in India since 2002. Its portfolio includes Acko, Adopt AI, Chaayos, Country Delight, FirstCry, GreyLabs AI, Meesho, SUGAR Cosmetics, Scapia, SolarSquare, and Urban Company, among others.
