Elevation Capital: 10 Key Things You Must Know

Overview

Elevation Capital is a prominent early-stage venture capital firm based in India, known for its influential role in shaping the Indian startup ecosystem. Formerly known as SAIF Partners, the firm has evolved over more than two decades into one of the leading investors supporting visionary founders from the seed stage through Series A and beyond. With an impressive portfolio that includes some of India’s most successful unicorns such as Swiggy, Paytm, and Urban Company, Elevation Capital has played a pivotal role in fueling innovation across sectors ranging from consumer internet and fintech to SaaS and healthcare. This article explores ten key facets that illuminate the firm's origins, investment philosophy, strategies, and impact in the venture capital landscape.

1. Origins and Evolution

Founded in 2002 as SAIF Partners, Elevation Capital started as a joint venture with SoftBank focused on early-stage investments in India. After nearly two decades, it rebranded to Elevation Capital to better reflect its commitment to elevating founders and startups to their fullest potential. Headquartered in Gurugram, with additional offices in Bengaluru and Salt Lake City, Elevation Capital has grown significantly in assets under management, investing approximately $2 billion into over 150 companies. The firm's journey is marked by a steady expansion in both scale and sectoral coverage, maintaining a focus on seed and Series A rounds in India’s dynamic startup market.

2. Investment Focus and Strategy

Elevation Capital is known for its sector-agnostic approach, investing across diverse verticals such as consumer internet, enterprise SaaS, fintech, edtech, healthtech, and emerging domains like Web3 and crypto. Their core strategy emphasizes early-stage investments, often from seed to Series A, allowing them to act as foundational partners for startups. The firm prefers writing initial checks ranging from $2 million to $5 million but supports companies throughout their growth trajectory with capital deployment up to $25 million in subsequent rounds. This layered approach aligns with their philosophy of long-term partnership, providing startups the resources and mentorship needed at critical growth stages.

3. Notable Portfolio Companies and Unicorns

Elevation Capital's portfolio boasts several marquee companies that have achieved unicorn status or successful public listings. Examples include:

Swiggy: India’s leading food delivery platform, which recently went public with a valuation around $10 billion.
Paytm: A pioneering fintech company where Elevation was the first institutional investor.
Urban Company: Provider of on-demand professional services.
Meesho, NoBroker, ACKO, and Spinny: Successful startups across e-commerce, real estate tech, digital insurance, and automotive resale.

These investments underline Elevation’s knack for identifying early-stage companies with the potential to become category leaders.

4. Fundraising and Capital Deployment

Elevation Capital closed its largest India-focused fund, the eighth in the series, at $670 million in 2022, marking a significant increase from its prior $400 million fund. This fund size increase allows the firm to write bigger initial checks, maintain conviction in select companies, and support follow-on rounds aggressively. Despite broader macroeconomic headwinds affecting global tech investing, Elevation has accelerated its pace of investments, executing over 30 deals in 2024 alone. Their funds typically deploy capital over a three-year cycle, favoring disciplined allocation aligned with market opportunity.

5. Commitment to Early-Stage Startups

The hallmark of Elevation Capital’s investment thesis is deep involvement in the early stages of startup building. The firm supports companies at seed and Series A rounds — a critical time when founders validate product-market fit and scale initial operations. Elevation’s in-house domain experts provide operational support from Day One, helping portfolio companies with go-to-market strategies, talent acquisition, governance, and navigating complex market dynamics. This hands-on approach is designed to improve the likelihood of successful scaling and follow-on fundraising.

6. Pioneering Investments in AI and SaaS

In recent years, Elevation Capital has strategically increased its focus on cutting-edge sectors such as AI, enterprise SaaS, and fintech. With a partnership spanning the US-India corridor, the firm actively backs AI native startups leveraging generative AI, agentic stacks, and voice AI technologies. Their February 2025 partnership with a former Meta executive to lead AI investments exemplifies their commitment to seizing transformational technology trends. Elevation identifies the potential of lean AI teams building scalable products, supporting founder adaptability and rapid iteration as keys to success.

7. Supporting NRI-Focused Fintech Innovations

Elevation Capital has demonstrated its global perspective through investments in startups catering to Non-Resident Indians (NRIs). A recent example is their $5 million seed round lead in Belong, an India-based fintech startup providing financial products such as USD fixed deposits under the regulatory framework of GIFT City. This platform addresses longstanding challenges NRIs face with cross-border investments, including tax efficiency, currency risk, and digital onboarding. Elevation’s backing underscores its interest in fintech innovations impacting diaspora markets.

8. Successful Exits and IPOs

Elevation Capital has seen more than two dozen portfolio companies go public, with notable IPOs including Swiggy, Ixigo, FirstCry, and MakeMyTrip. These exits exemplify the firm’s long-term value creation capabilities. They have also facilitated multiple lucrative secondary sales, allowing the firm and its investors to realize returns while continuing to support the growth journey of enduring portfolio companies. Their ability to nurture startups through IPO transitions reflects their comprehensive alignment with founder success.

9. Team and Partnership Culture

Elevation Capital’s team comprises over 40 experienced professionals, including 11 partners based across India and the United States. The firm prides itself on a founder-friendly ethos and a culture centered on trust, operational involvement, and domain expertise. Team members often serve on the boards of portfolio companies, providing strategic guidance. The firm’s open-door approach encourages founders to engage early and often, emphasizing that no startup stage is too early for meaningful partnership.

10. Industry Impact and Future Outlook

Elevation Capital is widely regarded as a cornerstone of India’s startup ecosystem, contributing significantly to the creation of technology-driven unicorns and fostering innovation. Their increasing investments in AI, SaaS, fintech, and consumer platforms position them well for future growth aligned with India’s evolving market needs. Furthermore, Elevation Capital’s commitment to diversity, global reach through cross-border teams, and continuous adaptation to technology trends suggest an optimistic outlook. As India’s digital economy expands, Elevation is primed to remain a key enabler of startup success.

Conclusion

Elevation Capital exemplifies how patient, founder-centric venture capital can power high-growth innovation within fast-evolving markets. From its origins as SAIF Partners to its current status as a leading early-stage investor, the firm has demonstrated a consistent ability to identify disruptive startups and support them toward sector leadership and liquidity events. Its broad sectoral reach, deep operational support, and focus on emerging technologies like AI and fintech cater to a diverse and dynamic ecosystem. For entrepreneurs, investors, and observers of the Indian startup scene, Elevation Capital represents both a trusted partner and a beacon of growth potential. As global and domestic markets evolve, one compelling question remains: how will Elevation Capital continue to elevate audacious founders to redefine industries in the coming decade?