Venture capital firm Elev8 Venture Partners has launched $200 million India focused fund to invest in early age startups in the country, Moneycontrol and The Hindu BuisinessLine reported.
Elev8 will invest in growth-stage, technology-driven companies with a ticket size of $5-15 million, the firm said in a statement on September 29. The VC firm will invest in Series B and C rounds and has received an AIF (alternate investment fund) category II license from the SEBI, Moneycontrol report said.
The fund will be led and cofounded by Navin Honagudi, a seasoned fund manager with over 15 years of experience in early and growth stage technology investments.
Prior to starting Elev8, Navin was a Partner at Kae Capital for over a decade and has invested in over 50 companies in areas such as Consumer Internet, Enterprise, Fintech, Edtech and Healthtech, report by Hindu BusinessLine said.
Elev8 will be the fourth fund backed by Venture Catalysts. The VC said that it is poised to cross $450 million in AUM (assets under management) with the launch of Elev8.
Elev8 became 12th India-focused VC firm to raise large multi-million dollar funds. In 2022, India-focused VCs have raised over $6.5 billion. From September last year to August 2022, India-dedicated PE/VC firms had raised more than $9 billion, data by Venture Intelligence showed.