VC firm Elevation Capital has launched a late stage fund, Elevation Holdings, with a corpus of $400 Mn to back startups looking to go public.
“We are thrilled to launch Elevation Holdings, a unique late-stage vehicle dedicated to supporting technology founders who are seeking to go public in India in the near future,” the VC firm said.
The firm, which counts the likes of FirstCry, ixigo, Meesho, and Paytm in its portfolio, said Elevation Holdings will aim for long-term partnership with the companies that have the potential to perform well in the public markets as well as post listing.
“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,” it said.
The new fund will primarily invest in the consumer and financial services platforms with a focus on technology, Elevation Capital co-managing partner Mukul Arora told ET.
It will back 10 to 15 startups which are eyeing a public listing in the next 3 years. The ticket size would be $20 Mn to $50 Mn. The new fund has already made investment in used-car marketplace Spinny, as per the report.
(The story will be updated soon)
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