India's Tech Surge: Elev8 Closes $160M Fund, Fuels Next-Gen Startups
September 1, 2025, 3:33 pm
Location: India, Karnataka, Bengaluru
Employees: 201-500
Founded date: 2015
Total raised: $206M
Elev8 Venture Partners concluded its landmark $160 million maiden fund for India's surging tech landscape. The growth-stage vehicle targets high-potential startups in fintech, SaaS, B2B platforms, and consumer brands. Anchor investors include South Korea's KB Investment, alongside major institutions from Hong Kong and India. The fund has already committed substantial capital to five profitable, rapidly scaling companies such as Astrotalk. Future investments, each between $8-15 million, will fuel 12-14 more startups over the next 18 months. This success underscores India's robust market potential, drawing significant international capital, particularly from South Korea, to cultivate the region's future market leaders and unicorn pipeline. The strategy prioritizes resilience and profitability for long-term growth.
Elev8 Venture Partners has secured its debut India fund. The firm closed its maiden vehicle at Rs 1,400 crore, approximately $160 million. This capital targets India's vibrant growth-stage startup ecosystem. The fund, launched in 2023, now gears up for significant deployment.
Diverse limited partners backed the fund. Institutions from South Korea, Hong Kong, and India committed capital. A sovereign fund, large family offices, and several unicorn founders also joined. South Korea-based KB Investment serves as the anchor investor. India's Self-Reliant India Fund also provided significant backing. This broad support highlights global confidence in India's economic trajectory.
The firm has already deployed a third of its corpus. Five companies received initial investments. These include online astrology service Astrotalk, identity verification firm IDfy, wealthtech company Smallcase, logistics platform Porter, and fintech startup Snapmint. Cheque sizes for these early deals ranged between $8 million and $14 million. Elev8 frequently co-invests alongside its limited partners in these ventures.
Elev8’s investment strategy is precise. It focuses on growth-stage companies. Target sectors include fintech, software-as-a-service (SaaS), B2B platforms, and consumer brands. The firm seeks out businesses with proven profitability. Portfolio companies must also demonstrate robust annual scaling. All current holdings show over 30% annual growth and remain profitable.
The fund avoids binary risks. It prioritizes companies with established institutional investors. This approach ensures strong corporate governance. Elev8 plans to invest in 12 to 14 startups. Each investment will range from $10 million to $15 million. These target startups typically value between $100 million and $300 million.
Deployment of the remaining two-thirds of the fund is a priority. This capital will be allocated over the next 12 to 18 months. The goal is clear: support portfolio companies toward successful IPOs. The firm also aims for global leadership for its ventures. This disciplined deployment strategy guides its future actions.
India's startup ecosystem remains a global magnet. The nation offers immense growth potential. Its large consumer base and digital adoption drive innovation. Foreign investors increasingly recognize this opportunity. Capital inflows reflect strong belief in India’s long-term economic prospects.
South Korean capital plays a crucial role. KRAFTON India, a prominent investor, anchors IMM Investment’s India Fund. KRAFTON has poured approximately $170 million into India's gaming and creator economy. It also backs funds like 3one4 Capital and Lumikai. This extends beyond venture capital.
Korean brands also expand aggressively in India. The K-beauty market is a prime example. Amorepacific's Innisfree and Laneige are expanding. The Face Shop and ODM firm Cosmax also grow their footprint. India's beauty market could reach $45 billion by 2030. Korean cosmetics alone project $1.5 billion.
Demand for K-beauty spreads beyond major cities. YouTube, Instagram, and creator reviews fuel this trend. Over 50% of Indian consumers actively follow K-beauty trends. One-third have tried at least one K-beauty product. This cultural bridge strengthens economic ties.
Korean cultural influence is a significant tailwind. Netflix reported a 370% rise in Korean drama viewership in India in 2020. K-pop streams reached 6.2 billion in 2023. India is now a top global market for K-pop. This cultural affinity opens doors for diverse investments.
The venture capital landscape in India is competitive. Several firms have recently closed significant funds. Bessemer Venture Partners secured $350 million for its second India fund. Accel also closed its eighth India-focused fund at $650 million. This demonstrates a robust market.
Elev8 Venture Partners obtained its AIF Category II licence in 2022. KB Investment's existing Indian portfolio is notable. It includes PharmEasy, Spinny, Fareye, Vedantu, Kuku FM, Rupeek, Rivigo, Cashify, and Tracxn. KB Financial Group, a major South Korean financial services provider, manages KB Investment.
The firm's initial close for its Elev8-Capital Fund 1 stood at $67 million. This occurred last August. While the final close slightly missed its original $200 million target, the $160 million secured remains substantial. The fund allocates 70% of capital for initial investments. The remaining 30% is reserved for follow-on rounds.
Elev8’s strategic hires bolster its team. Ashpi Gupta, formerly of Walmart Global Tech India, joined the investment team. Her nearly two decades of experience cover corporate strategy, startup investments, and investment banking. This strengthens the firm’s deployment capabilities.
India's growth-stage companies attract global attention. Elev8 Venture Partners is well-positioned. Its strategic focus on profitability and scaling aligns with market demands. The fund will continue shaping India’s burgeoning tech future. It supports the next generation of industry leaders.
Elev8 Venture Partners has secured its debut India fund. The firm closed its maiden vehicle at Rs 1,400 crore, approximately $160 million. This capital targets India's vibrant growth-stage startup ecosystem. The fund, launched in 2023, now gears up for significant deployment.
Diverse limited partners backed the fund. Institutions from South Korea, Hong Kong, and India committed capital. A sovereign fund, large family offices, and several unicorn founders also joined. South Korea-based KB Investment serves as the anchor investor. India's Self-Reliant India Fund also provided significant backing. This broad support highlights global confidence in India's economic trajectory.
The firm has already deployed a third of its corpus. Five companies received initial investments. These include online astrology service Astrotalk, identity verification firm IDfy, wealthtech company Smallcase, logistics platform Porter, and fintech startup Snapmint. Cheque sizes for these early deals ranged between $8 million and $14 million. Elev8 frequently co-invests alongside its limited partners in these ventures.
Elev8’s investment strategy is precise. It focuses on growth-stage companies. Target sectors include fintech, software-as-a-service (SaaS), B2B platforms, and consumer brands. The firm seeks out businesses with proven profitability. Portfolio companies must also demonstrate robust annual scaling. All current holdings show over 30% annual growth and remain profitable.
The fund avoids binary risks. It prioritizes companies with established institutional investors. This approach ensures strong corporate governance. Elev8 plans to invest in 12 to 14 startups. Each investment will range from $10 million to $15 million. These target startups typically value between $100 million and $300 million.
Deployment of the remaining two-thirds of the fund is a priority. This capital will be allocated over the next 12 to 18 months. The goal is clear: support portfolio companies toward successful IPOs. The firm also aims for global leadership for its ventures. This disciplined deployment strategy guides its future actions.
India's startup ecosystem remains a global magnet. The nation offers immense growth potential. Its large consumer base and digital adoption drive innovation. Foreign investors increasingly recognize this opportunity. Capital inflows reflect strong belief in India’s long-term economic prospects.
South Korean capital plays a crucial role. KRAFTON India, a prominent investor, anchors IMM Investment’s India Fund. KRAFTON has poured approximately $170 million into India's gaming and creator economy. It also backs funds like 3one4 Capital and Lumikai. This extends beyond venture capital.
Korean brands also expand aggressively in India. The K-beauty market is a prime example. Amorepacific's Innisfree and Laneige are expanding. The Face Shop and ODM firm Cosmax also grow their footprint. India's beauty market could reach $45 billion by 2030. Korean cosmetics alone project $1.5 billion.
Demand for K-beauty spreads beyond major cities. YouTube, Instagram, and creator reviews fuel this trend. Over 50% of Indian consumers actively follow K-beauty trends. One-third have tried at least one K-beauty product. This cultural bridge strengthens economic ties.
Korean cultural influence is a significant tailwind. Netflix reported a 370% rise in Korean drama viewership in India in 2020. K-pop streams reached 6.2 billion in 2023. India is now a top global market for K-pop. This cultural affinity opens doors for diverse investments.
The venture capital landscape in India is competitive. Several firms have recently closed significant funds. Bessemer Venture Partners secured $350 million for its second India fund. Accel also closed its eighth India-focused fund at $650 million. This demonstrates a robust market.
Elev8 Venture Partners obtained its AIF Category II licence in 2022. KB Investment's existing Indian portfolio is notable. It includes PharmEasy, Spinny, Fareye, Vedantu, Kuku FM, Rupeek, Rivigo, Cashify, and Tracxn. KB Financial Group, a major South Korean financial services provider, manages KB Investment.
The firm's initial close for its Elev8-Capital Fund 1 stood at $67 million. This occurred last August. While the final close slightly missed its original $200 million target, the $160 million secured remains substantial. The fund allocates 70% of capital for initial investments. The remaining 30% is reserved for follow-on rounds.
Elev8’s strategic hires bolster its team. Ashpi Gupta, formerly of Walmart Global Tech India, joined the investment team. Her nearly two decades of experience cover corporate strategy, startup investments, and investment banking. This strengthens the firm’s deployment capabilities.
India's growth-stage companies attract global attention. Elev8 Venture Partners is well-positioned. Its strategic focus on profitability and scaling aligns with market demands. The fund will continue shaping India’s burgeoning tech future. It supports the next generation of industry leaders.