Elevation Capital Closes $500 Million India Fund for AI Startups

Elevation Capital has closed a $500 million fund dedicated to early-stage AI startups in India, the venture firm said Tuesday. The fund marks one of the largest India-focused venture pools raised this year.

The firm plans to invest in seed and Series A rounds, with a focus on artificial intelligence, machine learning, and software-as-a-service companies. Elevation, which has backed companies like Swiggy and Unacademy, said the new fund will target startups building AI-native products and those using AI to transform existing industries.

The closing comes as Indian venture capital activity remains concentrated in the technology sector, with AI drawing the largest share of early-stage capital in recent quarters. Elevation did not disclose the fund's limited partners or the target corpus size it had set out to raise.