Elevation Capital

Last updated
Elevation Capital
Type Private Ownership
Industry Venture capital
Founded2001
Headquarters Gurugram, Haryana & Bengaluru, Karnataka, India
Products Venture capital, Growth capital
Website elevationcapital.com

Elevation Capital, which was previously known as SAIF Partners India till October 2020 [1] [2] ,is an India-focused venture capital fund, investing in early-stage startups (seed, series A, series B rounds) [3] . Elevation Capital funds are based in Mauritius and have a team of investment advisors in India [4] .

Contents

The fund has been the first investor in market-leading companies like Paytm, Swiggy, Urban Company, Meesho, FirstCry, Acko, Rivigo, Nobroker.com and ShareChat. The India investment advisors have offices in Bengaluru and Gurgaon, India and the fund also has a team and office in Mauritius.

Elevation Capital has raised a total of ~USD 1Bn across its three funds [5] .

Background

Elevation Capital was initially started as SAIF Partners India, a fund for investments in South and East Asia (including India and China). It branched out in 2011 when it raised its first India dedicated fund of USD350M [6] . It thus became an independent fund solely focused on India. Since then they have raised two more funds of similar size (in 2015 and 2017) and have backed more than 50 companies since.

Investment Strategy

The fund has historically invested in multiple companies with "India-first” business models [7] . Elevation Capital is an early stage investor in consumer internet, B2B technology and consumer brand companies in India [8] . The fund invests across stages with seed and Series A rounds forming a major share of its investments. The fund is often the first institutional investor in these investee companies. The initial investment amounts can start from USD1M (in seed rounds) and go up to USD15-20M in Series B and later stages. The fund continues to participate in later rounds in these companies with investment in a single company going up to USD 50Mn and above [9] . A part of the fund is also invested in listed Indian companies through the FPI [ disambiguation needed ] route licensed under SEBI regulations.

Sectors

The fund invests across a wide range of sectors including (not limited to) mobile, gaming [ disambiguation needed ], content, social, e-commerce, education, B2B, SME and enterprise SaaS, cloud and IT infrastructure, fintech, healthcare, healthtech, consumer brands, logistics, travel and mobility [10] .

Key Portfolio

Paytm

Paytm is a payment and fintech app, with over 39 million daily active users [11] . Over 7 million merchants use Paytm and its QR code to accept payments directly in their bank accounts [12] . Paytm has offerings such as Paytm Gold, Paytm Payments Bank, Paytm money, amongst others [13] . Elevation Capital has invested in Paytm across multiple rounds. The company has also raised capital from Berkshire Hathaway, Softbank, Alibaba [14] [15] .

Swiggy

Founded in 2014, Swiggy is India’s largest and most valuable online food ordering and delivery platform. Elevation Capital co-led the first institutional round of Swiggy in 2015. Swiggy has since then raised investments from other leading investors including Bessemer, Norwest, Naspers, Tencent [16] .

Urban Company

Urban Company is India's largest home services marketplace. The platform helps customers hire trusted professionals for services like salon at home, cleaning, plumbing, carpentry, yoga training etc. Elevation Cpaital co-led the seed round of the company in 2015 [17] . Post that, Urban Company has raised multiple rounds from several investors like Tiger Global, Vy Capital and Steadview Capital [18] .

Unacademy

Unacademy is India’s largest learning platform. The platform today helps aspirants prepare for 30+ competitive examinations. As of February, Unacademy had 90,000+ active subscribers and 14,000+ active educators [19] . In September 2017, Elevation Capital co-led the Series B round in Unacademy. Other investors in Unacademy include Sequoia Capital, Nexus Venture Partners, Steadview, General Atlantic and Facebook [20] .

FirstCry

Firstcry is Asia’s largest online shopping store for kids and baby products. Launched in 2010, company raised its first round of institutional capital in 2011, led by Elevation Capital. Firstcry has since then been backed by several marquee investors including Softbank [21] .

Meesho

Meesho is an Indian origin social commerce platform founded in December 2015. Meesho has created a distribution channel for long tail products, allowing its resellers to sell these products across a wide variety of channels like Whatsapp, Facebook and Instagram. Elevation Capital invested in Meesho in early 2017 [22] . Meesho has raised capital from several leading investors including Sequoia, DST, Naspers and Facebook [23] .

ShareChat

ShareChat is the Indian regional social media platform targeting the new internet user in India. Elevation Capital invested in the seed stage in Sharechat [24] . ShareChat has raised capital from leading investors like Lightspeed Venture Partners and Twitter [25] .

Rivigo

Rivigo is a logistics company that pioneered the global-first driver relay model. Elevation Capital led the Series A round [26] and the second round in Rivigo [27] . Subsequently, Rivigo has raised capital from leading PE fund Warburg Pincus [28] [29] .

NoBroker

Founded in 2013, NoBroker.com is a platform that connects property owners and prospective tenants, eliminating the layer of brokers and middlemen [30] . Elevation Capital led the Series A for NoBroker in 2015 [31] . NoBroker since then has raised capital from global investors like Tiger Global and General Atlantic [32] and again with Elevation Capital in Series C [33] .

Acko

Acko General Insurance is a private sector general insurance company in India [34] . Acko raised a seed round from Elevation Capital, Accel Partners and other high profile angel investors [35] . Subsequently, Acko has raised capital from Amazon, RPS Ventures and Binny Bansal [36] .

Fareye

Fareye’s predictive logistics platform allows enterprises to orchestrate, track and optimize their logistics operations. Fareye raised a Series A funding from Elevation Capital [37] . Other investors in Fareye include M12, the venture arm of Microsoft, DHL group, Eight Roads Ventures and Honeywell Ventures [38] .

Aye Finance

Aye Finance is an NBFC that provides business loans to micro and small businesses. Aye Finance raised seed funding from Elevation Capital [39] . Subsequently, Aye has raised capital from FalconEdge, CapitalG, A91 Partners [40] .

Chaayos

Chaayos is one of India’s largest chai (tea) cafe chains. Chaayos raised from Elevation Capital in their Series B round [41] and other rounds as well [42] . Other investors in Chaayos include Think Investments, Tiger Global Management, and Integrated Capital [43] .

Spinny

Spinny is an online platform for selling used cars that launched in 2015. It raised a Series A funding from Elevation Capital in 2019 [44] and also in Series B in early 2020 [45] .

India Advisor Team Leadership

Corporate Sustainability

Elevation Capital (earlier known as SAIF Partners) joined other Venture Capital funds and startups in India to support innovation to counter Covid 19 called ACT Grants. ACT offers grants, ranging between ₹1 lakh and ₹10 crore, to startups and initiatives that use technology to create large-scale impact in the detection, prevention and eradication of covid-19. ACT Grants has raised about ₹100 crore from over 50 venture capital firms, startup founders, non-profit organisations and industry veterans [53] .

Awards and Accolades

Awards
VCCircle Exit of the year 2017 [54]
Venture Intelligence Apex Best Growth capital investor 2013 [55]
Venture Intelligence Apex New Fund Raise of the Year 2017 [56]
Venture Intelligence Apex Exit of the Year 2017 [57]

Related Research Articles

Benchmark is a venture capital firm based in San Francisco that provides seed money to startups.

A series A round is the name typically given to a company's first significant round of venture capital financing. The name refers to the class of preferred stock sold to investors in exchange for their investment. It is usually the first series of stock after the common stock and common stock options issued to company founders, employees, friends and family and angel investors.

Accel (company) Venture capital firm

Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. The company has offices in Palo Alto, California and San Francisco, California, with additional operating funds in London, India and China.

Lightspeed Venture Partners is an American venture capital firm focusing on early-stage investments in the enterprise technology and consumer space. To date, the firm has backed more than 300 companies, including Snapchat, DoubleClick and AppDynamics.

Matrix Partners

Matrix Partners is a US-based private equity investment firm focusing on venture capital investments. The firm invests in seed and early-stage companies in the United States and India, particularly in the software, communications, semiconductors, data storage, Internet or wireless sectors.

Andreessen Horowitz is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California.

Paytm is an Indian e-commerce payment system and financial technology company, based in Noida, Uttar Pradesh, India. Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code. California-based PayPal filed a case against Paytm in the Indian trademark office for using a logo with a similar color combination to its own on 18 November 2016. As of January 2018, Paytm is valued at $10 billion.

Social Capital, formerly known as Social+Capital Partnership, is a venture capital firm based in Palo Alto, California. The firm specializes in technology startups, providing seed funding, venture capital and private equity.

M12 (venture capital)

M12, formerly Microsoft Ventures, is a corporate venture capital subsidiary of Microsoft. Founded in March 2016, its mission is to be an active, strategic partner during a startup's growth, typically investing between Series A and D. The fund is managed by Nagraj Kashyap, formerly of Qualcomm Ventures.

Eight Roads Ventures

Eight Roads Ventures is a global venture capital fund, with offices in China, India, Japan and the UK. Eight Roads backs and partners with game-changing technology and healthcare companies. Eight Roads is backed by Fidelity, and was formerly known as Fidelity Growth Partners and before that Fidelity Ventures.

Pallav Pandey is a serial entrepreneur and the founder, CEO of BroEx, a technology driven collaboration platform for real estate brokers. Fastfox and Broex are registered trademarks of OkuTech (P) Ltd. Before starting Broex in 2014, Pallav served as Cofounder and COO at Knowlarity Communications. Pallav is an angel investor in technology startups Crown it, uniROW Inc.

Cocoon Capital

Cocoon Capital is a Singapore-based venture capital fund focusing on online, early-stage technology companies. It was founded by Michael Robert Blakey and William Klippgen in 2016.

Meesho

Meesho is an Indian-origin social commerce platform founded by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in December 2015. It enables small businesses and individuals to start their online stores via social channels such as WhatsApp, Facebook, Instagram etc. Meesho is headquartered in Bengaluru, India and was one of the three Indian companies to be selected for Y Combinator in 2016. It was also a part of the first batch of Google Launchpad - Solve for India program. In June 2019, Meesho became India’s first startup to receive investment from Facebook.

Policybazaar, is an Indian insurance aggregator and a global financial technology company based in Gurugram, India. The company was founded in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform - website and app - where users compare financial services from major insurance companies. The startup is headquartered in Gurugram, Haryana, India and is the country's largest insurance aggregator. The group has also expanded operations to the United Arab Emirates.

Acko General Insurance Insurance company in India

Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.

Dunzo is an Indian company that provides delivery services in Bengaluru, Delhi, Gurugram, Pune, Chennai, Jaipur, Mumbai and Hyderabad. The company also operates a Bike Taxi service in Gurugram. It is headquartered in Bengaluru, India. In 2017, it was funded by Google. It was founded by Kabeer Biswas, along with Co-founders Ankur Agarwal, Dalvir Suri, and Mukund Jha, in 2014.

Swiggy is India's largest and highest-valued online food ordering and delivery platform founded in 2014. Swiggy is based in Bangalore, India, and as of March 2019, was operating in 100 Indian cities. In early 2019, Swiggy expanded into general product deliveries under the name Swiggy Stores.

Groww is an India-based online investment platform that targets first-time investors and millennials. Headquartered in Bangalore, Groww allows investors to open an account electronically and transact in mutual funds and stocks online. As of June 2018, Groww had partnered with 34 mutual fund houses and around 5000 mutual funds were available on the platform. As of Sep 2020, the company had raised $59 million in venture capital with 8 million users.

Unacademy is an Indian online education technology company based in Bangalore. It was originally created as a YouTube channel in 2010 by Gaurav Munjal. As a company, it was founded by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2015, and is headquartered in Bangalore. The company has a network of over 18,000 educators, and offers preparation material for several professional and educational entrance exams. Unacademy lessons are in the form of Live Classes both free and via subscription.

Urban Company Indian online gig marketplace

Urban Company is an Indian gig marketplace that offers home installation, maintenance and repair services, and home beauty and wellness services. In 2014, the company was founded by Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra, and was originally branded and known as UrbanClap until it expanded its service offerings in January 2020. In May 2020, Urban Company reported an operating revenue of INR 216 crore and its valuation was at INR 918 crore; the company followed the I-GAAP accounting method. In FY20, the home maintenance and repair services contributed 45% of total revenue and the beauty and wellness services contributed 55% of total revenue. In March 2020, the company was servicing 22 locations within and outside India, had a network of 25,000 professionals, and were performing 800,000 service tasks every month.

References

  1. "SAIF Partners rebrands as Elevation Capital; closes its seventh fund at $400 millions".
  2. "VC firm SAIF Partners renamed Elevation Capital, raises $400 million".
  3. "Elevation Capital".
  4. "Saif Partners: Betting big on tech revolution".
  5. "SAIF Partners to raise $350 million for third India-dedicated fund".
  6. "SAIF Partners raises new $350 million fund".
  7. "SAIF Partners catches them young, makes big bucks with seed stage bets".
  8. "In SAIF hands".
  9. "SAIF Partners leads $12.5-mn funding in digital lender ZipLoan".
  10. "Meesho, Swiggy Backer SAIF Partners Targets 15 Investments For 2020".
  11. "More Indians visit Paytm than Google Pay and PhonePe put together:Report".
  12. "Paytm transactions reportedly grew four-fold to $20 billion in February".
  13. "Paytm Money integrates with Paytm Payments Bank to allow seamless movement of funds".
  14. "India's Paytm E-Commerce raises $200 million from Alibaba, SAIF Partners".
  15. "Berkshire Hathaway buys a stake in India's largest digital payments company".
  16. "SAIF Partners invested in Swiggy when they just had a landing page – today they are going after more seed stage startups, here's why".
  17. "Mobile Services Marketplace UrbanClap Raises Rs 10 Crore Seed Fund".
  18. "UrbanClap raises $75 million led by Tiger Global".
  19. "Unacademy eyeing unicorn club as it talks for $100-150 million funding".
  20. "Ed-tech firm Unacademy raises $21 million from Sequoia, SAIF, Nexus and others".
  21. "IDG Ventures, SAIF Partners Invest $14M In Owner Of FirstCry.com".
  22. "Social commerce startup Meesho gets $3.4M Series A to build a reseller network in India".
  23. "Facebook backs social commerce startup Meesho in first India investment".
  24. "ShareChat raises $1.35 million from SAIF Partners, India Quotient".
  25. "ShareChat raises $100 million in Series D funding led by Twitter".
  26. "TrucksFirst raises Rs 61.8 crore in Series-A funding from SAIF partners".
  27. "Warburg Pincus & Elevation Capital lead $65 million funding round in Rivigo".
  28. "Warburg Pincus & SAIF Partners lead $65 million funding round in Rivigo".
  29. "Rivigo raising Rs 141.97 cr from SAIF Partners, Spring Canter Investment".
  30. "NoBroker absorbs Society Connect into its community management service".
  31. "Property listing service NoBroker secures $3 million from SAIF Partners and Fulcrum Ventures".
  32. "NoBroker gets $50M from Tiger Global and others".
  33. "NoBroker raises $50 million Series C round led by General Atlantic".
  34. "Online Insurance firms like Acko, Digit aims to disrupt sector with innovative polices".
  35. "Acko raises $30M from Accel, SAIF, Narayana Murthy & others".
  36. "Acko raises $65M from Binny Bansal and others".
  37. "FarEye raises $3.5 mn from Saif Partners".
  38. "FarEye bags Rs 61.5 crore from Deutsche post DHL Group".
  39. "Aye Finance raises around $3M from Accion, SAIF Partners".
  40. "Google's investment fund CapitalG backs small business lender Aye Finance; leads new funding round".
  41. "Chaayos raises Series B capital from SAIF Partners, others".
  42. "Tea cafe chain Chaayos raises $21.5 million funding".
  43. "Chaayos raises funds in round led by Think Investments".
  44. "SAIF Partners, Accel Partners lead $13.2M Series A funding round in Spinny".
  45. "India's Spinny raises $43.7M to expand its online platform for selling used cars".
  46. "Ravi Adusumalli - India's most-successful tech investor you haven't heard of".
  47. "Deepak Gaur".
  48. "Mukul Arora".
  49. "Mridul Arora".
  50. "SAIF Partners bets on Alok Goel's Internet expertise, luck".
  51. "SAIF Partners Appoints Vivek Mathur As Partner And CFO".
  52. "Vishal Satinder Sood".
  53. "ACT Grants partners with Gates, Dell foundations to fight covid-19".
  54. "MakeMyTrip-SAIF Partners is exit of the year: VCCircle Awards".
  55. "Engineering a Win-Win Exit".
  56. "SAIF, Kedaara Capital bag 2 awards each at Venture Intelligence APEX'18 PE-VC Awards".
  57. "SAIF, Kedaara Capital bag 2 awards each at Venture Intelligence APEX'18 PE-VC Awards".