Venture capital firm SAIF Partners on Tuesday rebranded itself as Elevation Capital, and said it has closed a new early-stage fund at USD 400 million (about Rs 2,934 crore). Founded in 2002, Elevation Capital has been an early investor in companies such as FirstCry, Justdial, Makemytrip, Meesho, NoBroker, Paytm, ShareChat, Swiggy, Unacademy and Urban Company among others. It has over USD 2 billion assets under management.
”For Elevation, the commitment to founders is reflected through deep conviction and not making competing investments. Elevation believes in partnering with companies for the long haul and being all in with empathy, trust, and unflinching support, from day one,” a statement said. Elevation has also successfully closed its seventh early-stage fund at USD 400 million, it added.
Besides Elevation Managing Partner Ravi Adusumalli, these investments would be led and managed by Elevation’s five Managing Directors – Deepak Gaur, Mayank Khanduja, Mridul Arora, Mukul Arora and Vivek Mathur, the statement said. The fund will be deployed starting this calendar year itself, and while it is sector-agnostic, some key themes that will be in focus include global SaaS (software as a service), content, gaming and consumer.
Commenting on the new brand identity, Adusumalli said: ”Elevation reflects our investment ethos and re-emphasizes our commitment to the founders who help redefine our future”.
”For our existing partners, it is a commitment of continued collaboration on our path-breaking journeys together. For our new partners, it is a promise to do all we can to achieve great heights together, from day one, he added.
First Published: IST