Elevation Capital closes $500 Mn India fund to back AI startups

Elevation Capital closed its ninth India-focused fund at $500 million to back AI startups.

The fund will invest in seed and Series A startups building AI-led products and applications.

Elevation Capital also manages a separate $400 million fund from August last year, totaling $900 million.

The firm has invested in listed companies including FirstCry, Ixigo, MakeMyTrip, Paytm, Swiggy, Meesho, and Urban Company.