September 1, 2025: Elev8 Venture Partners, a growth-stage venture capital firm has successfully closed its first investment fund at ₹1,400 crore ($160 million), aimed at supporting India’s growth-stage startups over the next 12 to 18 months.
Elev8 was launched in 2023 by Venture Catalysts. Since its inception, it has already invested about one-third of the fund across five companies, Astrotalk, IDfy, Smallcase, Porter, and Snapmint. The typical investment size ranged between $8 million and $14 million, with Elev8 often co-investing alongside its LPs.
Navin Honagudi, Managing Partner at Elev8, said the fund’s closure signals strong investor confidence in India’s next generation of companies. “We’re focused on backing startups that combine profitability with scale and resilience,” he said. The firm plans to deploy the remaining capital in sectors like fintech, SaaS, B2B platforms, and consumer brands. Elev8 also noted that all its current portfolio companies are growing by over 30% annually while maintaining profitability.
Global Capital Backs Elev8’s India Fund
This development reflects a larger trend of increased South Korean interest in India’s startup ecosystem. KRAFTON, the gaming company behind PUBG, recently anchored IMM India Fund and has invested around $170 million into India’s digital economy. Korean consumer brands, especially in beauty and skincare, are also expanding their presence as India’s market is projected to reach $45 billion by 2030.
Korean culture continues to gain traction among Indian consumers, with growing demand for K-beauty products and entertainment. K-pop music and Korean dramas are now widely followed, helping drive consumer trends beyond metro cities and into smaller towns.
The growing investment links between India and South Korea are not only strengthening the startup ecosystem but also shaping new cultural and consumer connections.
The Elev8 fund is supported by institutional investors from South Korea, Hong Kong, and India, marking a significant step in cross-border investment partnerships in the region.
The fund’s anchor investor is South Korea’s KB Investment, part of KB Financial Group. Other contributors include India’s Self-Reliant India Fund, large family offices, a sovereign wealth fund, and several unicorn founders who joined as limited partners (LPs).
