New Delhi, Sept. 1 -- Elev8 Venture Partners has announced the final close of its maiden fund at $160 million, marking a significant milestone in India's growth-stage venture capital landscape. The fund, which has already deployed 35% across five investments, aims to back 12-13 companies in total.

"We've already made about five investments out of Fund I, and the intent is to make about 12-13 investments from this fund," Navin Honagudi, founder and managing partner at Elev8 Venture Partners, told Mint in an interview.

The firm joins a wave of VC activity in India this year. Accel launched a $650 million Fund III, Bessemer Venture Partners raised $350 million for its second India-focused fund, Elevation Capital announced a $400 million ve...