Elev8 focus on Series B and C rounds of financing in hyper growth companies, and was backed by early-stage startup investor and accelerator Venture Catalysts.
The VC firm had announced the launch of a $200-million Fund, in September last year, to invest in Indian startups. The Fund backs teams that aim to create high growth yet sustainable businesses. The fund received the AIF category II licence from SEBI late last year.
The first close of the fund saw participation from family offices and high net worth individuals (HNIs) from India, the Middle East, and Asia. The firm plans to invest in 12-14 startups, with valuations ranging from $100 million to $500 million. Each investment would vary from $10-$15 million, targeting Series B and Series C funding rounds. The sectors of interest include consumer tech, enterprise software, fintech, and healthtech.
Elev8 claims to be India's first Pro Rata fund which has access to oversubscribed rounds of India's top technology companies by investing alongside top-tier growth funds.
Navin Honagudi, a former Partner at Kae Capital partnered with his friend, Dr. Apoorva Ranjan Sharma, the co-founder at Venture Catalysts, to set up Elev8 Venture Partners. Later, KB Investment, a part of KB holdings, Korea's largest conglomerate joined the Elev8 team to anchor and co-partner the VC Firm. Elev8 intends to leverage KB’s presence across SEA to help its portfolio companies expand outside India.
Founded in 2022, Elev8 begain its operations this year and has reportedly signed a Term sheet with a company in Enterprise SaaS Space.
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