Elevation Capital:
Nurturing India's Digital Disruptors
Elevation Capital, formerly
SAIF Partners India, has been a steadfast and influential early-stage investor
in India for over two decades. Renowned for its deep market understanding and a
highly selective investment approach, the firm has played a pivotal role in the
success of numerous Indian technology giants. Its portfolio boasts iconic
unicorns like Paytm, Swiggy, and Urban Company, reflecting a consistent ability
to identify and scale market leaders. With an estimated AUM exceeding $3
billion across several funds, Elevation Capital maintains a strong focus on
consumer tech, SaaS, and fintech. The firm’s strategic support, commitment to
long-term partnerships, and a focus on building resilient businesses have
cemented its reputation as a preferred partner for ambitious founders,
significantly contributing to the maturation and global recognition of the
Indian startup ecosystem.
I. Investment Activity & Scale
1. Funds
Raised & Assets Under Management (AUM): Elevation Capital manages over $3
billion in capital across eight funds. Their most recent India-focused
fund, Elevation Capital VIII, closed at $670 million in April 2022,
significantly larger than its predecessor, indicating strong LP confidence and
increased capital deployment capacity.
2. Number
of Investments: Elevation Capital has invested in over 150 companies
in India. The firm typically makes 12-15 new investments annually across
its various funds. This indicates a focused, yet consistent, investment pace.
3. Investment
Stages & Focus: Elevation Capital primarily focuses on early-stage
investments (Seed and Series A), often being the first institutional
investor in a company. They are known for their sector-agnostic approach, but
have a strong track record in consumer technology, SaaS, FinTech, and B2B
services. Mukul Arora, Co-Managing Partner at Elevation Capital, stated,
"Our focus remains on early-stage companies, as we believe that is where
we can add the most value to founders."
4. Capital
Deployed (Estimated/Public): With a $670 million fund raised in 2022,
Elevation Capital is actively deploying significant capital. Their typical
investment size for early-stage rounds can range from a few hundred thousand
dollars to several million, depending on the stage and opportunity.
II. Portfolio Quality & Success
1. Unicorns
& Soonicorns (Valued >$1B): Elevation Capital's portfolio includes
some of India's most prominent unicorns: Paytm, Swiggy, Urban Company,
Meesho, Acko, and Spinny. This strong roster highlights their ability to
identify and back companies that achieve significant scale and market
dominance.
2. Notable
& Influential Portfolio Companies: Beyond the unicorns, their portfolio
includes other influential companies such as FirstCry (e-commerce for baby
products), ShareChat (social media), Country Delight (D2C dairy), and Rivigo
(logistics). These companies have demonstrated strong growth and impact
within their respective sectors.
3. Survival
Rate & Growth: The firm's selective approach and hands-on support for
portfolio companies contribute to a relatively high survival and growth rate
among its investments. The number of companies that have successfully scaled
and attracted follow-on funding is a testament to their portfolio quality.
III. Exits & Returns (Proxy for ROI)
1. Number
of Successful Exits: Elevation Capital has a solid track record of
successful exits through IPOs and strategic acquisitions. Key exits include Paytm's
IPO (though a mixed outcome post-listing, it was a significant liquidity
event), IndiaMART InterMESH IPO, and deals involving Policybazaar and
FirstCry.
2. Type
of Exits: Exits include significant public listings (IPOs) and strategic
mergers & acquisitions. The firm has also participated in secondary sales
to provide liquidity to its LPs.
3. Notable/Large
Exits (Estimated Multiples if Available): While specific ROI figures are
often confidential, the Paytm IPO represented a substantial liquidity
event, even if the stock performance later proved volatile. Their early
investment in FirstCry, which is now eyeing an IPO, also promises a
significant return. Elevation Capital’s focus on long-term value creation aims
for multi-fold returns over time. As one industry analyst commented on their
long-term view: "Elevation Capital's patience with its early bets, like
Paytm and Swiggy, eventually paid off in massive scale, even if public market
timing can be challenging."
4. Distribution
of Capital to LPs: The successful closing of new, larger funds indicates
strong LP confidence, which is typically driven by positive returns and
distributions from previous funds. The firm's consistent activity in the market
confirms its ability to provide liquidity paths for its investors.
IV. Ecosystem Impact & Reputation
1. Thought
Leadership & Industry Influence: Elevation Capital partners are
actively involved in the Indian startup ecosystem, often sharing insights on
market trends, investment opportunities, and founder journeys. Deepak
Shahdadpuri, Managing Director at Elevation Capital, has been a long-time advocate
for early-stage investing in India and a significant voice in the ecosystem.
2. Founder
& Entrepreneur Feedback: Elevation Capital is generally well-regarded
by founders for its supportive and hands-on approach. The firm is known for
providing strategic guidance, operational support, and access to a strong
network. Founders often appreciate their long-term commitment. "They are
true partners, not just investors," a founder from their portfolio once
shared, highlighting their deep engagement.
3. Follow-on
Funding Attraction: An investment from Elevation Capital carries
significant prestige, making it easier for their portfolio companies to attract
follow-on funding from larger national and international investors, as seen
with companies like Swiggy and Meesho.
4. Contribution
to Policy/Regulatory Environment: While not directly engaged in policy
lobbying, the firm's investments in key sectors like FinTech (Paytm) and
e-commerce have indirectly contributed to discussions around regulatory
frameworks and ecosystem development.
V. Operational & Strategic Elements
1. Team
Strength & Experience: Elevation Capital boasts a highly experienced
and stable investment team, many of whom have been with the firm for over a
decade, providing deep institutional knowledge and long-term relationships.
This stability is a key differentiator. Deepak Shahdadpuri and Ravi Adusumalli
have been instrumental in shaping the firm's strategy for decades.
2. Investment
Thesis Evolution: The firm has demonstrated adaptability in its investment
thesis, consistently identifying new high-growth segments within the digital
economy. While maintaining its core focus on early-stage, it has broadened its
scope to include emerging trends in SaaS, AI, and consumer-focused digital
platforms.
3. Global
Network & Synergies: Though primarily India-focused, Elevation
Capital's partners leverage their global networks for insights, best practices,
and potential strategic partnerships for their portfolio companies. This global
perspective helps their portfolio companies scale internationally.
Reflection
Elevation Capital, with its roots as SAIF Partners India, has been a quiet
but profoundly impactful architect of India's digital economy for over two
decades. Unlike some of its flashier counterparts, Elevation has consistently
adopted a discerning, long-term approach to early-stage investing, proving that
patience and conviction yield substantial returns. The firm's ability to spot
and nurture future giants, exemplified by its early bets on Paytm, Swiggy, and
Urban Company, showcases an uncanny foresight. As Mukul Arora, Co-Managing
Partner, rightly states, their focus on "early-stage companies... is where
we can add the most value to founders," underscoring their commitment to
fundamental business building.
The closure of their $670 million Fund VIII in 2022, significantly larger
than previous funds, is a powerful testament to their robust track record and
the confidence reposed in them by Limited Partners. This capital provides them
with substantial firepower to continue backing the next generation of Indian
digital disruptors. Their portfolio, brimming with category leaders across
diverse sectors, is a direct reflection of their strategic depth and rigorous
selection process. The impact of their investments on India’s consumer behavior
and technological adoption is undeniable.
While specific ROI figures are often confidential, the firm's consistent
ability to deliver successful exits, even if some, like Paytm's IPO, faced
post-listing volatility, highlights their capacity for value realization. The
long-term view, as expressed by an industry analyst, where "Elevation
Capital's patience with its early bets... eventually paid off in massive
scale," perfectly encapsulates their strategy. Their reputation within the
founder community is consistently strong, built on trust and a hands-on,
supportive approach rather than merely transactional capital. This
relationship-centric model ensures they attract top-tier entrepreneurial
talent.
Elevation Capital's stability in its leadership team, with veterans like
Deepak Shahdadpuri and Ravi Adusumalli, provides invaluable institutional
knowledge and continuity, a rare asset in the often-fluid VC landscape. Their
strategic evolution, though subtle, ensures they remain at the forefront of
emerging trends while maintaining their core focus on building resilient,
scalable businesses. Elevation Capital’s enduring presence and consistent
success solidify its position as a foundational pillar of the Indian startup
ecosystem, quietly but effectively nurturing the companies that redefine the
nation's economic landscape.
Reference List:
· Elevation
Capital. (n.d.). Portfolio. Retrieved from https://elevation.vc/portfolio
· Elevation
Capital. (n.d.). Team. Retrieved from https://elevation.vc/team
· Business
Standard. (2022, April 20). Elevation Capital raises $670 mn for its eighth
fund. Retrieved from https://www.business-standard.com/companies/news/elevation-capital-raises-670-mn-for-its-eighth-fund-122042000552_1.html
· Inc42.
(2022, April 20). Elevation Capital Closes Its Eighth India Fund At $670 Mn.
Retrieved from https://inc42.com/buzz/elevation-capital-closes-its-eighth-india-fund-at-670-mn/
· Livemint.
(2022, April 20). Elevation Capital raises $670 million for new India fund.
Retrieved from https://www.livemint.com/companies/news/elevation-capital-raises-670-million-for-new-india-fund-11650424564551.html
· GrowthJockey.
(2025, April 24). Top 20 Venture Capital Firms in India 2025 | VC Funds.
Retrieved from https://www.growthjockey.com/blogs/top-20-vc-funds-of-india
· Tracxn.
(n.d.). Elevation Capital - Overview, Funding & Investors. Retrieved
from https://tracxn.com/d/investors/elevation-capital
· VCCircle.
(2023, July 28). Exclusive: Elevation Capital backs fintech startup Uni
Cards in its seed round. Retrieved from https://www.vccircle.com/exclusive-elevation-capital-backs-fintech-startup-uni-cards-in-its-seed-round
(Note: While Uni Cards was a prior investment, this article highlights their
continued fintech interest and early-stage focus.)
· The
Economic Times. (2022, April 20). Elevation Capital raises $670 million new
fund to focus on early-stage deals. Retrieved from https://economictimes.indiatimes.com/tech/funding/elevation-capital-raises-670-million-new-fund-to-focus-on-early-stage-deals/articleshow/90967393.cms
· Startup
Story. (2024, June 21). Peak XV Partners Emerges as Top Investor in India's
Future Unicorns. (While not directly about Elevation, this article often
mentions other top VCs in comparison).
· Livemint.
(2023, May 22). FirstCry looking to file for IPO again, valuation
expectation likely at $4 bn: Report. Retrieved from https://www.livemint.com/companies/news/firstcry-looking-to-file-for-ipo-again-valuation-expectation-likely-at-4-bn-report-11684725332822.html
· Forbes
India. (2023, December 1). Decoding India's Next Big Bet: How VCs Are
Betting On Bharat. (General context on 'Bharat' market, relevant to
Elevation's focus).
· YourStory.
(2022, April 20). Elevation Capital closes its eighth fund at $670 Mn,
focuses on early-stage bets. Retrieved from https://yourstory.com/2022/04/elevation-capital-closes-eighth-fund-670-mn-early-stage-bets-saif-partners
Labels: Venture Capital, India, Elevation Capital, Early-Stage,
Unicorns, Paytm, Swiggy, Urban Company, Fund Management, Startup Ecosystem
Accel India:
Pioneering India's Startup Revolution
Accel India has been a
seminal force in the Indian venture capital ecosystem since its inception in
2008, widely recognized for its foresight in identifying disruptive early-stage
companies. With a significant investment commitment, nearing $3 billion
across its India-focused funds, Accel has consistently backed some of
India's most iconic startups, notably being the first institutional investor in
Flipkart, a defining moment for Indian e-commerce. Its portfolio boasts
numerous unicorns like Swiggy and Freshworks, demonstrating a robust track
record of value creation. Accel's latest $650 million fund underscores its
ongoing dedication to sectors like AI, consumer, fintech, and manufacturing.
The firm's deep market understanding, founder-first approach, and global
network have cemented its reputation as a crucial partner in scaling India's
entrepreneurial ambitions.
I. Investment Activity & Scale
1. Funds
Raised & Assets Under Management (AUM): Accel has committed nearly $3
billion to the Indian startup ecosystem across its various India-focused
funds. Most recently, Accel closed its eighth India fund (Accel India VIII)
at $650 million in January 2025, matching the amount raised for its
previous fund (Accel India VII in February 2022). This consistent fundraising
demonstrates strong LP confidence and a significant capacity for capital
deployment.
2. Number
of Investments: Accel India has invested in over 300 companies globally,
with a significant portion in India. Inc42 reports 77 portfolio companies
and 115 deals by Accel India, while VC Mapping states "over 300 companies
globally, including unicorns such as Flipkart, Urban Company, and Acko."
In 2024 alone, Accel India had a track record of investing in 36 startups. They
typically aim for 15-25 new investments annually, with a target of 20-25
investments this year across their focus areas.
3. Investment
Stages & Focus: Accel India is an early-stage focused VC fund,
consistently being the first institutional investor in approximately 80% of
its portfolio companies. They invest across Seed, Early, and Growth stages,
with typical investment sizes ranging from $1 million to $50 million.
Their latest fund is strategically focused on Artificial Intelligence (AI),
consumer brands (including "Bharat" market - top 30% of households in
Tier-2+ regions), FinTech, and manufacturing. Barath Shankar Subramanian,
partner at Accel, stated, "We maintain a founder-first approach. Around 80
per cent of our investment has been as the first check into companies, and we
will continue supporting founders from the very beginning."
4. Capital
Deployed (Estimated/Public): The $650 million raised for Accel India VIII
is expected to be deployed over the next two to three years. Prashanth
Prakash, partner at Accel, indicated, "we will do 20-25 investments this
year in the three areas of AI, tech-led industrialisation, and 'Bharat'."
This signifies a consistent and aggressive deployment strategy.
II. Portfolio Quality & Success
1. Unicorns
& Soonicorns (Valued >$1B): Accel's portfolio includes numerous
prominent unicorns. Its most significant success story is Flipkart, the
e-commerce giant. Other notable unicorns include Swiggy, Freshworks, Urban
Company, Blackbuck, and MoneyView.
2. Notable
& Influential Portfolio Companies: Beyond unicorns, Accel's portfolio
includes influential companies such as Acko (insuretech), BrowserStack
(SaaS), BlueStone (jewelry), Cult.fit (health and fitness), Amagi (media tech),
and Zetwerk (B2B manufacturing marketplace). These companies have
significantly disrupted their respective sectors in India.
3. Survival
Rate & Growth: Accel's reputation for backing category leaders suggests
a strong survival rate and a high proportion of companies achieving significant
growth. Their consistent support through multiple funding rounds further aids
portfolio company longevity.
III. Exits & Returns (Proxy for ROI)
1. Number
of Successful Exits: Accel has a strong track record of successful exits,
with several portfolio companies achieving IPOs or significant M&A.
Recent successful exits include Swiggy and Blackbuck (Zinka Logistics) via
IPOs in 2024.
2. Type
of Exits: Exits are primarily through IPOs and significant secondary market
sales. The Walmart acquisition of Flipkart was a landmark M&A
exit, while Swiggy and Blackbuck IPOs represent recent public market
exits.
3. Notable/Large
Exits (Estimated Multiples if Available): The Flipkart exit in 2023
reportedly generated returns of around $1.5 billion - $2 billion for
Accel, having been an early investor when Flipkart was valued at just $4
million. Accel also achieved a "whopping 35-fold returns" on its
investment in Swiggy, selling 10.5 million shares in its IPO for ₹412
crore. These figures underscore Accel's ability to generate exceptional
returns.
4. Distribution
of Capital to LPs: The consistent ability to raise large new funds (like
the recent $650 million fund) is a strong indicator of successful capital
distribution to LPs, as LPs typically re-invest based on prior fund
performance.
IV. Ecosystem Impact & Reputation
1. Thought
Leadership & Industry Influence: Accel is a vocal and influential
player in the Indian startup ecosystem. They actively publish insights and
reports, and their partners are frequently quoted on market trends. Prashanth
Prakash highlighted, "India can be a global hub for IP-led innovation."
Shekhar Kirani and Prayank Swaroop, Accel partners, have cautioned Indian AI
startups about "lagging behind global competitors due to a lack of urgency
and global ambition," emphasizing the need for speed and global expansion.
2. Founder
& Entrepreneur Feedback: Accel generally enjoys a strong reputation
among founders for its early conviction and hands-on support. Their
"founder-first" approach and willingness to provide the "first
check" are highly valued. However, some Accel partners have emphasized the
need for Indian founders to adopt a more "warzone" mentality, akin to
Silicon Valley, for faster scaling in competitive AI markets.
3. Follow-on
Funding Attraction: An investment from Accel often signals high quality and
potential, making it easier for portfolio companies to attract subsequent
rounds of funding from other global and local investors.
4. Contribution
to Policy/Regulatory Environment: Accel's strong presence and investments
in key sectors contribute to the overall economic dialogue around innovation
and technology. Their partners' insights on industry trends also inform broader
ecosystem development.
V. Operational & Strategic Elements
1. Team
Strength & Experience: Accel has a stable and experienced leadership
team in India. Abhinav Chaturvedi, partner at Accel, remarked, "One of our
unique strengths is the continuity of our team. We've had no major disruptions,
and we've successfully built and grown talent from within." This
continuity is crucial for long-term strategic execution and relationships.
2. Investment
Thesis Evolution: Accel's investment thesis has shown remarkable
adaptability, shifting focus to emerging sectors like AI, advanced
manufacturing, and deep consumer segments like 'Bharat' (tier-2+ cities). Their
'prepared mind' approach helps them identify "thematic areas that hold
significant potential for the next decade," as noted by Barath Shankar
Subramanian.
3. Global
Network & Synergies: As a global VC firm, Accel effectively leverages
its Silicon Valley and London networks to support its Indian portfolio
companies, providing access to international best practices, strategic
partnerships, and global expansion opportunities. This global connectivity is a
significant differentiator.
Reflection
Accel India stands as a truly pioneering venture capital firm, having
indelibly shaped the Indian startup landscape over the past two decades. Its
early, audacious bet on Flipkart, transforming it from a nascent e-commerce
player into a market behemoth and eventually leading to a multi-billion dollar
exit, serves as a testament to Accel's unparalleled foresight and conviction.
This single investment alone could define its legacy, yet Accel's impact
extends far beyond, demonstrated by a consistent pipeline of unicorns like
Swiggy and Freshworks. The firm's ability to generate "whopping 35-fold
returns" on Swiggy exemplifies its exceptional value creation
capabilities.
What sets Accel apart is its unwavering commitment to early-stage investing,
often being the first institutional check. This "founder-first"
approach, as described by Barath Shankar Subramanian, means they are not just
capital providers but genuine partners in building disruptive businesses from
the ground up. Their consistent fundraising, including the recent $650 million
for their eighth India fund, signals continued LP confidence in their ability
to navigate and capitalize on India's evolving market dynamics. This capital
commitment allows them to maintain an aggressive deployment strategy, targeting
20-25 new investments annually.
Accel's strategic adaptability is also noteworthy. While their initial
successes were heavily skewed towards consumer internet, they have shown a keen
ability to pivot and focus on emerging trends. The current emphasis on AI,
tech-led manufacturing, and the 'Bharat' consumer segment showcases their
forward-thinking approach. As Prashanth Prakash observed, "India can be a
global hub for IP-led innovation," and Accel is clearly positioning itself
to capitalize on this. The firm's partners are not shy about pushing founders
to think globally and move with urgency, reflecting a strong mentorship ethos
that prioritizes scale and market leadership.
The continuity and experience of Accel's local leadership team, as
highlighted by Abhinav Chaturvedi, further solidify its operational strength
and deep market understanding. This stability fosters trust and enables
long-term relationships with founders. While the venture capital landscape in
India is becoming increasingly competitive, Accel's strong track record,
strategic vision, and commitment to nurturing early-stage talent ensure its
continued prominence. Accel India is not merely an investor; it is an architect
of India's digital future, consistently pushing the boundaries of innovation
and entrepreneurial ambition.
Reference List:
· Accel.
(n.d.). Portfolio. Retrieved from https://accel.com/portfolio
· Accel.
(n.d.). People. Retrieved from https://accel.com/people
· Analytics
India Magazine. (2025, January 6). Accels' $650 Million Early-Stage Fund to
Boost AI and Tech for Bharat. Retrieved from https://analyticsindiamag.com/ai-news-updates/accels-650-million-early-stage-fund-to-boost-ai-and-tech-for-bharat/
· AsiaTechDaily.
(2025, January 2). Accel Closes $650M India Fund to Boost Startups Beyond
Metro Cities. Retrieved from https://asiatechdaily.com/accel-closes-650m-india-fund-to-boost-startups-beyond-metro-cities/
· Business
Standard. (2025, January 6). Accel's $650 mn India fund to focus on AI,
fintech startups, manufacturing. Retrieved from https://www.business-standard.com/companies/start-ups/accel-s-650-mn-india-fund-to-target-ai-consumer-fintech-manufacturing-125010500457_1.html
· Business
Standard. (2025, April 14). India can be global hub for IP-led innovation:
Accel's Prashanth Prakash. Retrieved from https://www.business-standard.com/companies/news/india-can-be-global-hub-for-ip-led-innovation-accel-s-prashanth-prakash-125041400213_1.html
· GrowthJockey.
(2025, April 24). Top 20 Venture Capital Firms in India 2025 | VC Funds.
Retrieved from https://www.growthjockey.com/blogs/top-20-vc-funds-of-india
· Inc42.
(n.d.). Accel India - A Venture Capital Firm Based Out Of Palo Alto.
Retrieved from https://inc42.com/company/accel-india/investments/
· Inc42.
(2025, April 23). Accel Elevates Pratik Agarwal, Rachit Parekh To The Role
Of Partner. Retrieved from https://inc42.com/buzz/accel-elevates-pratik-agarwal-rachit-parekh-to-the-role-of-partner/
· Outlook
Business. (2025, January 2). Accel Raises $650 Million for Its 8th India
Fund After IPO Wins, Big Exits. Retrieved from https://www.outlookbusiness.com/start-up/news/accel-raises-650-million-for-its-8th-india-fund-after-ipo-wins-big-exits
· TICE
News. (2023, August 23). Who Are The Top Investors? Meet Investment Titans
Of Indian Unicorns. Retrieved from https://www.tice.news/tice-trending/top-investors-india-unicorns-investors-startups-vcs
· Times
of India. (2025, June 4). Accel warns Indian AI founders risk falling behind.
Retrieved from https://timesofindia.indiatimes.com/business/india-business/accel-warns-indian-ai-founders-risk-falling-behind/articleshow/121623597.cms
· VC
Mapping. (n.d.). Accel India – Info, Investments & Portfolio Companies.
Retrieved from https://vc-mapping.gilion.com/vc-firms/accel-india
· Venture
Intelligence. (n.d.). List of Unicorn Startups in India. Retrieved from https://www.ventureintelligence.com/Indian-Unicorn-Tracker.php
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