Venture capital firm Elevation Capital has closed its ninth India-focused fund at $500 million, doubling down on early-stage startups building AI-led products and applications.
The new fund will primarily target seed and Series A startups working at the application layer of artificial intelligence. Elevation believes the next generation of breakout AI companies will emerge not from building foundational models, but from solving real business and consumer problems using AI.
This fund adds to Elevation's separate $400 million late-stage fund launched last August, pushing the firm's total deployable capital to roughly $900 million.
Elevation Capital has long been among India's most active early-stage investors, backing startups across consumer internet, fintech, SaaS, and now AI. The firm sees India entering a pivotal phase where AI-native startups can build for both domestic and global markets.
Partners noted that while global tech giants control foundational AI models, Indian founders have significant white space to build applications and businesses layered on top of them.
Elevation's portfolio includes listed companies such as FirstCry, Ixigo, MakeMyTrip, Paytm, Swiggy, Meesho, and Urban Company—with the firm recently notching a strong partial exit from travel-tech player Ixigo.
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