Elevation Capital, which has backed companies including food-tech giant Swiggy and travel aggregator MakeMyTrip, has launched a late-stage vehicle, Elevation Holdings.
The new vehicle is expected to have a target corpus of $400 million and is looking to invest in 10-15 companies with cheque sizes ranging between $20 million and $50 million, according to a report by The Economic Times.
In a blog post, the VC firm said, “We’ve seen how generational companies are built, and we know the journey doesn’t end at IPO – in many ways, that’s just the beginning. With this experience, we believe we are uniquely positioned to support the journey to going public and, more importantly, what comes the day after.”
“With Elevation Holdings, we will make concentrated, high-conviction investments and serve as true long-term partners well beyond the IPO,” the firm said in the blog post. It also added that the late-stage vehicle will complement Elevation’s early-stage focus, which “remains the heart” of what it does.
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According to The Economic Times report, Elevation Capital will look to invest in companies that are not more than three years away from going public and are either profitable or have a clear path to profitability. The new fund has already invested in used-car marketplace Spinny.
The vehicle’s investments will not be limited to Elevation Capital’s existing portfolio and can also extend to other startups that are primarily operating in consumer and financial services segments with a technology focus, the report said.
The new vehicle comes at a time when Indian startups are seeing rising momentum in the late stage with many companies lining up to go public. EV-maker Ather Energy listed in May this year, while omnichannel jewellery retailer BlueStone went public recently.
On Thursday, SEBI cleared fintech firm Groww’s IPO, making way for one of the biggest fintech listings in India.
Edited by Swetha Kannan
