What stage does Elevation Capital invest at?

Elevation Capital invests at the Seed, Series A and Series B stages.

What sectors does Elevation Capital invest in?

Elevation Capital focuses on Consumer internet, Fintech, SaaS, D2C, Edtech and Enterprise.

Where is Elevation Capital based?

Elevation Capital is headquartered in Gurugram, with additional offices in Bengaluru and Mumbai.

Does Elevation Capital invest in women founders?

Elevation Capital is a generalist fund and backs strong founders regardless of gender, women founders included. For funds with an explicit women-founder mandate, see our women-focused funds list.

Early-stage VC · Seed–Series B · Gurugram

Elevation Capital

Formerly SAIF Partners (India)

Verified by Women Can Startup

Visit website ↗LinkedIn ↗

Snapshot

Firm type: Early-stage VC
Founded: 2002
Headquarters: Gurugram
Other offices: Bengaluru, Mumbai
Fund / AUM: Fund VII $400M (final close, 2020); over $2B AUM
Geographies: India
Leads rounds: Yes
Last updated: 23 July 2026

About Elevation Capital

An early-stage specialist that likes to come in at seed or Series A and build deep conviction over multiple rounds, broad across consumer internet, fintech and SaaS. It rebranded from SAIF Partners to Elevation Capital in 2020, after nearly two decades investing in India.

Elevation Capital is an early-stage vc based in Gurugram, founded in 2002, investing in India. It backs companies at the Seed, Series A and Series B stages, with a focus on Consumer internet, Fintech, SaaS, D2C and Edtech. It usually leads the rounds it joins.

On fund size, the firm reports Fund VII $400M (final close, 2020); over $2B AUM. Its portfolio includes Paytm, Swiggy, Unacademy, Meesho, Urban Company and Spinny.

Investment focus

Stages

Seed Series A Series B

Sectors

Consumer internet Fintech SaaS D2C Edtech Enterprise

Notable investments

6 of Elevation Capital’s better-known bets, grouped by sector. Names in coral open the company’s profile or founder story on this site.

Consumer

Swiggy

Meesho

Urban Company

Spinny

Fintech

Paytm

Edtech

Unacademy

How to pitch Elevation Capital

Practical pointers drawn from what Elevation Capital says it backs. Always confirm the current focus and process with the firm before you reach out.

They invest at Seed, Series A and Series B. Approach them when your company is with an early product and first signs of traction, through to companies with proven revenue and a plan to scale.
Their focus is Consumer internet, Fintech, SaaS, D2C and Edtech, so lead with why you fit there.
The strongest way in is a warm introduction, ideally from a founder they have backed, such as Paytm, Swiggy and Unacademy.
You can find the team and their current focus on their website, linked below.

Partners

Ravi Adusumalli

Founder & Managing Partner

Deepak Gaur

Managing Director

Mukul Arora

Co-Managing Partner

Mridul Arora

Partner

Website & links

Website ↗LinkedIn ↗X ↗

Frequently asked questions

What stage does Elevation Capital invest at?: Elevation Capital invests at the Seed, Series A and Series B stages.
What sectors does Elevation Capital invest in?: Elevation Capital focuses on Consumer internet, Fintech, SaaS, D2C, Edtech and Enterprise.
Which companies has Elevation Capital invested in?: Notable investments include Paytm, Swiggy, Unacademy, Meesho, Urban Company and Spinny. See the full list on this page.
Who are the partners at Elevation Capital?: Key people include Ravi Adusumalli (Founder & Managing Partner), Deepak Gaur (Managing Director), Mukul Arora (Co-Managing Partner) and Mridul Arora (Partner).
Where is Elevation Capital based?: Elevation Capital is headquartered in Gurugram, with additional offices in Bengaluru and Mumbai.
Does Elevation Capital invest in women founders?: Elevation Capital is a generalist fund and backs strong founders regardless of gender, women founders included. For funds with an explicit women-founder mandate, see our women-focused funds list.