Elev8 Venture Partners (Elev8) announces the launch of its $200 million, the sector-agnostic fund with a focus on India. The first fund plans to make investments in technology-driven, growth-stage businesses with $5 to $15 million in ticket size. Fast-growing tech firms will get Series B and C round investments from Elev8.
Navin Honagudi co-founded and managed Elev8’s first fund. He had previously spent more than ten years as a partner at Kae Capital. He has mostly supported businesses in the consumer internet, enterprise, fintech, edtech, and healthtech sectors. Honagudi worked for Reliance Corporate Ventures before joining Kae Capital and participated in early internet investments.
Venture Catalysts, an early-stage investment firm, will also back Elev8.
“Even though liquidity in technology investments is drying up, Elev8 has received overwhelming LP interest as well as partnership avenues with seed funds, as the current vintage offers an excellent opportunity to invest in growth stage companies and earn/target attractive returns. We are in an advanced stage of discussions to establish several global partnerships, which going forward will help our portfolio companies expand beyond India during their growth phase,” Honagudi said in a statement.
Elev8 will get institutional backing from Venture Catalysts. This is the company’s fourth backed fund.
“We are enthusiastic about Elev8’s approach in a market where there is significant whitespace of domestic growth stage VC funds with the requisite experience. Elev8 considerably reduces risk by entering the growth stage, where companies have demonstrated product-market fit, resilience during downturns, and strong founders capable of driving their companies in the right direction irrespective of market conditions,” says CA Anuj Golecha, Partner at Elev8 and Co-founder, Venture Catalyst.
Paytm, Shiprocket, Vedantu, Reshamandi, and other startups including Bharatpe, Kenko, BluSmart, Beardo, Niyo, Goat, Airmeet, Toch, and Zypp are just a few of the companies in which the Elev8 team has previously invested.