New Delhi, Aug. 29 -- Homegrown venture capital firm Elevation Capital, which typically makes early-stage bets, has forayed into late-stage investing with the launch of a dedicated fund.

The VC firm, formerly known as SAIF Partners, has launched Elevation Holdings to back late-stage companies preparing to go public. The corpus of the fund will likely be $400 million (Rs 3,516 crore) and cheque size will range between $20 million and $50 million, according to media reports. The company is also open to doubling down on previous bets through the new fund.

"Elevation Holdings is a unique late-stage vehicle dedicated to supporting technology founders who are seeking to go public in India in the near future," the firm said in a statement. "We will make concentrated, high-conviction investments and serve as long-term partners well beyond the IPO," it added.

Queries sent to the company remained unanswered till the time of publishing this article.

The launch comes amid a potential pipeline of late-stage exits Elevation is eyeing.

It recently sold its stake in Le Travenues Technology Ltd, the parent company of travel platform ixigo, which listed on the bourses last year. It has also logged exits from Swiggy and Firstcry.

Its portfolio includes Aye Finance, Urban Company, Acko, Wakefit, and Meesho, which are all preparing to go public.

"We've seen how generational companies are built, and we know the journey doesn't end at IPO-in many ways, that's just the beginning. With this experience, we believe we are uniquely positioned to support the journey to going public and, more importantly, what comes the day after," Elevation said.

The company is actively deploying from its $670 million Fund VIII, its largest India-focused early-stage fund, which closed in 2022. The fund focuses on seed to Series A startups, with recent bets including Jeh Aerospace, BlissClub, and secondary stake purchases in Wakefit ahead of its IPO.

"This new vehicle complements our early-stage focus, which remains at the heart of what we do," the firm said.

Published by HT Digital Content Services with permission from VC Circle.