Introduction
On September 1, 2025, Elev8 Venture Partners, a Bengaluru-based venture capital firm, celebrated closing its first fund at Rs 1,400 crore (approximately $160 million), a major milestone for India’s startup ecosystem. Led by Navin Honagudi, an investor with over 15 years of experience, Elev8 is committed to supporting high-growth, tech-driven startups despite global venture capital challenges. The fund targets Series B and C-stage companies, aiming to accelerate India’s innovation journey.
Table of Contents
Fund Vision and Strategy
Supporting High-Growth Ventures
Elev8’s maiden fund focuses on growth-stage startups in key sectors like fintech, consumer internet, healthtech, and enterprise software, tapping into India’s thriving digital economy. The firm plans to back 12–14 promising companies, with investments ranging from $8–14 million per deal, targeting valuations between $100 million and $300 million and securing 7–14% equity stakes.
Broad Investor Support
Established in 2022 with backing from Venture Catalysts and South Korea’s KB Investment, Elev8 has secured commitments from a diverse group, including sovereign wealth funds, family offices, and unicorn founders from India, South Korea, and Hong Kong. The Self Reliant India Fund is a key backer. With one-third of the fund already invested, Elev8 will deploy the remaining capital over the next 12–18 months, focusing on strategic growth.
“Despite global VC challenges, our investors believe in India’s growth potential. We’re dedicated to backing companies ready for IPOs and global markets,” said Navin Honagudi, Managing Partner at Elev8.
Portfolio Highlights
Strategic Investments
Elev8 has supported five high-potential startups:
- Astrotalk: An astrology platform nearing unicorn status with a rapidly expanding user base.
- IDfy: An AI-driven identity verification company growing in fintech and enterprise sectors.
- Smallcase: A wealthtech platform serving over 10 million users, with transactions exceeding Rs 1.2 lakh crore.
- Porter: A logistics startup optimizing last-mile delivery.
- Snapmint: A buy-now-pay-later fintech driving India’s e-commerce growth.
Notable Deal
In March 2025, Elev8 led a $50 million Series D round for Smallcase, emphasizing its focus on wealthtech amid growing retail investor interest in India. All portfolio companies are achieving over 30% annual growth while maintaining profitability, reflecting Elev8’s disciplined investment strategy.
Co-Investment Approach
Elev8’s collaborative model with limited partners, including family offices and high-net-worth individuals, has enabled larger deals, with some reaching $25–30 million, amplifying its impact in the startup ecosystem.
Market Trends and Context
Rising Venture Capital Activity
Elev8’s fund closure aligns with a wave of venture capital activity in India. In 2025, firms like Accel ($650 million), Bessemer Venture Partners ($350 million), and Elevation Capital ($400 million) have raised substantial funds, signaling strong investor confidence. With over 20 tech startups preparing for IPOs, Elev8’s focus on growth-stage funding fills a critical gap for Series B and C rounds.
Sectoral Growth Drivers
India’s digital economy, powered by initiatives like Digital India, is driving growth in sectors like wealthtech and logistics. Smallcase’s success highlights the demand for accessible investment platforms, while Porter benefits from the e-commerce boom. Elev8 remains cautious about sectors like food and beverage, where competition from giants like Zomato and Swiggy is intense.
Selective AI Investments
While AI is a trending sector, Elev8 prioritizes companies with proven revenue models, focusing on sustainability over speculative ventures.
Broader Impact
Investor Optimism
The closure of Elev8’s Rs 1,400 crore fund underscores strong investor confidence in India’s startup ecosystem, valued at over $450 billion. Despite global VC slowdowns, India’s scalability and innovation continue to attract significant capital.
Economic Contributions
Elev8’s investments are set to create thousands of jobs and drive technological advancements. IDfy’s identity verification solutions enhance digital trust, while Snapmint’s fintech offerings promote financial inclusion.
Investment Strategy Snapshot
| Metric | Details |
|---|---|
| Fund Size | Rs 1,400 crore ($160 million) |
| Target Investments | 12–14 startups |
| Investment Size | $8–14 million per deal |
| Target Valuation | $100–300 million |
| Equity Stake | 7–14% per deal |
| Key Sectors | Fintech, Consumer Internet, Healthtech, Enterprise Software |
| Portfolio Companies | Astrotalk, IDfy, Smallcase, Porter, Snapmint |
| Deployment Timeline | 12–18 months for remaining funds |
Conclusion
Elev8 Venture Partners’ Rs 1,400 crore debut fund is a transformative milestone for India’s startup landscape. By targeting growth-stage companies with strong fundamentals, Elev8 is poised to nurture future unicorns and elevate India’s global tech presence. With a strategic and disciplined approach, the firm is set to drive innovation, job creation, and economic growth across the nation.
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