Houston, Texas based venture capitalist firm, Elevation Capital announced that they have successfully completed their eighth investment in the Indian economy. The new funding is worth $670 million USD or Rs. 4900 crores INR which marks this as their biggest ever funding for an Indian company.
The venture capitalist firm has an eye for what will be successful and what won’t as their portfolio suggests. They have previously injected funds into other Indian based start-ups such as food delivery application – Swiggy, e-education platform – Unacademy, online payments company, Paytm and home services providers Urban Company which owns Urban Clap.
The last time, the company invested in India, they spent $400 million USD two years ago in October 2020 in between the two waves of the coronavirus pandemic. Their 2020 portfolios have also done very well with six of those companies crossing the $1 billion USD valuation. It is clear that Elevation Capital is able to pick out and help grow promising Indian business. It also seems as if the American based company actually knows a lot about the Indian market and Indian consumers and they have tapped their knowledge to good use.
Some of the $1 billion USD valuation companies are Meesho, Spinny, and Acko Insurance which sponsors the telecast of the English Premier League in India.
According to official reports, the total amount of money spent on funding start-ups based in India totals up to $42 billion USD.
The early-stage venture capitalists expanded their operations to India 2 decades ago in the year 2002. Since then, the firm has injected around $2 billion USD into Indian based start-ups most of which have made it out of the mud to the peak of their respective industries. The company has helped fund over 150 start-ups. The company recently announced that they see tremendous growth opportunities in India and will continue to partner up with Indian based start-ups and invest in those they see promising with great growth potential.
The Indian government has done a great job in fostering the spirit of entrepreneurship which has invited a whole host of foreign based venture capitalist firms to enter the Indian economy and invest in local start-ups thus growing Indian businesses and the Indian economy as a whole. Growing businesses and a growing economy will only boost employment opportunities across the country thus pulling impoverished people out of their destitute lifestyle and into the middle class.
