Elev8 Venture Partners is a Bengaluru-based growth-stage venture capital firm that closed its maiden fund at ₹1,400 crore (approximately $160 million) on 1 September 2025 — one of the largest debut funds raised in India. Founded in 2022 by Navin Honagudi, a former Kae Capital partner with over 15 years of investing experience, the firm is backed by Venture Catalysts and South Korea's KB Investment, with commitments from sovereign wealth funds, family offices and unicorn founders across India, South Korea and Hong Kong.
Investment thesis
Elev8 invests at the growth stage — typically Series B and beyond — in profitable or near-profitable companies that are number one or two in their category and already backed by credible institutional investors. Honagudi describes India's funding market as an hourglass — crowded at the early and late stages but thin in the middle — and positions Elev8 squarely in that underserved middle. Profitability is the firm's north star: Honagudi has said that "profitability is freedom", and Elev8 backs only companies with proven unit economics. The firm deliberately avoids high-risk segments like gaming and social networking, and holds off on AI investments until revenue maturity kicks in.
Sectors & stages
The thesis spans premium consumer brands, tech-driven fintech and scalable B2B software, with healthtech also in scope. Target companies are typically valued between $100 million and $300 million, with the firm seeking 7–14% equity stakes per deal. At the time of the fund's final close, 35% was already deployed across five investments, and the firm plans 12–14 investments in total.
Fund size & cheque sizes
Fund I: ₹1,400 crore ($160 million), closed September 2025. Reported cheque sizes range from $8 million to $30 million, with CNBC TV18 reporting tickets of $10–30 million. The firm aims to close four to five deals annually, deploying the remaining corpus over 12–18 months.
Notable portfolio
At final close, the fund had backed Astrotalk, IDfy, Smallcase, Porter and Snapmint — companies the firm cites as exemplars of scalable, tech-driven businesses, from identity verification to wealthtech and logistics.
Partners & team
Navin Honagudi is founder and managing partner. Wider team details have not been publicly disclosed.
Programmes run
No accelerator or cohort programme has been announced; the firm operates as a classic growth-stage VC. Not publicly disclosed beyond the core fund.
Credits & perks
No credits or perks programme has been announced. Not publicly disclosed.
How to engage
Elev8 targets founders of profitable, high-growth companies — reportedly at least 50% year-on-year growth with healthy gross margins — ready for a growth round and a five-year partnership toward an IPO or strategic exit. Founders can approach the firm through its official website, elev8vp.com.
Why it matters for founders
If you're running a profitable, fast-growing Indian startup at the Series B+ stage, Elev8 is one of the few funds designed precisely for you — the thin middle of the funding hourglass. It writes large cheques, backs profitability over hype, and plans a long hold toward IPO. For AI founders, though, be warned: it waits for revenue maturity before it moves.