About Elevar Equity
Elevar Equity is a venture capital firm founded in 2008. It is primarily based out of Bengaluru, India. As of Nov 2025, Elevar Equity is an active investor, having invested in 57 companies, with 3 new investments in the last 12 months. It primarily invests in Series A round in India based startups. Its investments are spread across a wide range of sectors from Food and Agriculture Tech to FinTech and Consumer. Most recently it participated in the $***** Seed round of Nia.one Overall, Elevar Equity portfolio has seen 3 unicorns, 2 IPOs and 9 acquisitions including key companies like InCred, Vistaar Finance and Ujjivan Small Finance Bank. A lot of funds co-invest with Elevar Equity, with names like The Rise Fund sharing a substantial percentage of its portfolio. Elevar Equity has team of 30 people including 4 partners.Key Metrics
Team Members
Portfolio Sectors
Rounds of Entry
Series A, Seed & 4 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Deals in last 12 months
Elevar Equity's List of Top Investments
Elevar Equity has a portfolio of 57 companies, including 3 unicorns. Their most notable investments are in Canasta Rosa and LEAD School.Their portfolio spans across India, Mexico, Peru and 3 more locations. They have invested in Food and Agriculture Tech, FinTech, Consumer and 18 other sectors, across stages such as Series A, Seed and 4 more. Here is the list of top investments by Elevar Equity:1. InCred
Provider of financial services specializing in personal, education, and business loans. The platform utilizes technology and data science for its suite of offerings. It provides loans tailored to meet financial needs within the lending industry. The company also offers resources related to regulatory compliance and consumer education.
Key facts about InCred
- Founded Year: 2016
- Location: Mumbai (India)
- Annual Revenue: ₹1,880Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $320M
- Employee Count: 2,161 as on May 31, 2025
- Investors: Asas Capital, Nippon and 128 Others
- Latest Funding Round: Conventional Debt, Jul 04, 2025, $*****
- Highlight: Editors' Pick
2. Indifi
Provider of loan products and services for small and medium businesses. It offers term loans, lines of credit, invoice discounting, and merchant cash advances. These financial solutions are customized for various sectors, including travel, e-commerce, hotels, retail, restaurants, and startups. The company facilitates loan access through its financing partners.
Key facts about Indifi
- Founded Year: 2015
- Location: Gurugram (India)
- Annual Revenue: ₹378Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $90.8M
- Employee Count: 423 as on Jun 30, 2025
- Investors: ICICI Venture, DFC and 31 Others
- Latest Funding Round: Conventional Debt, Mar 30, 2026, $*****
- Highlight: Editors' Pick
3. CureBay
Online platform offering multiple healthcare services. It provides a range of healthcare services, including scheduling appointments, providing teleconsultations, delivering medicine, addressing the diagnostic needs of patients, and facilitating admission for tertiary care at partner hospitals via a transparent booking model and concierge services.
Key facts about CureBay
- Founded Year: 2020
- Location: Bhubaneswar (India)
- Annual Revenue: ₹70.4Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $35.4M
- Employee Count: 96 as on Aug 31, 2025
- Investors: British International Investment, Bertelsmann India Investments and 34 Others
- Latest Funding Round: Series B, Feb 15, 2025, $*****
- Highlight: Editors' Pick
Provider of financial solutions that empower MSMEs. The company is dedicated to bridging the financing gap faced by underserved businesses. It provides accessible loans and tailored financial services to empower small businesses, driving growth and transforming lives. The organization offers a range of financial solutions designed to meet specific needs and fuel growth.
Key facts about Vistaar Finance
- Founded Year: 2010
- Location: Bengaluru (India)
- Annual Revenue: ₹924Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $216M
- Employee Count: 3,700 as on Aug 31, 2025
- Investors: DFC, Bandhan Bank and 37 Others
- Latest Funding Round: Series D, Aug 25, 2025, $*****
- Highlight: Acquired
Small finance bank. It is a wholly owned subsidiary which is a leading microfinance organization and was one of the ten recipients of first set of small finance bank licenses. It primarily serves financially unserved and underserved segments, emphasizing financial inclusion across the country.
Key facts about Ujjivan Small Finance Bank
- Founded Year: 2005
- Location: Bengaluru (India)
- Annual Revenue: ₹15 as on Mar 31, 2025
- Stage: Public
- Total Funding till date: $154M
- Employee Count: 22,566 as on Mar 31, 2024
- Investors: Aditya Birla Sun Life AMC, ICICI Prudential Life Insurance and 36 Others
- Latest Funding Round: Post IPO, Sep 12, 2022, $*****
- Highlight: Public
Elevar Equity's Year-on-Year Investment Trends
Elevar Equity has invested in 57 companies over the last 18 years, with an average of 3 new investments annually in the last 10 years. In 2025, it made 4 investments. Its most recent first time investment was in Nia.one and most recent follow-on round was in CureBay.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 3 | 1 | 4 |
2024 | 3 | 5 | 8 |
2023 | 0 | 3 | 3 |
2022 | 5 | 5 | 10 |
2021 | 4 | 4 | 8 |
2020 | 0 | 5 | 5 |
2019 | 6 | 5 | 11 |
2018 | 5 | 6 | 11 |
2017 | 3 | 5 | 8 |
Elevar Equity's Investments by Stage
Elevar Equity has made 24 investments in Series A stage with an average round size of $13.2M, 17 investments in Seed stage with an average round size of $2.81M and 4 investments in Series B stage with an average round size of $10.3M.Stage of entry | No. of Investments |
|---|---|
Series A | 24 |
Seed | 17 |
Series B | 4 |
Series C | 3 |
Series D | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Elevar Equity's Investments by Sector
Elevar Equity has a diverse portfolio, with companies operating in the Financial Services, FinTech, Consumer, Enterprise Applications and Sustainability Tech. Notably, it has invested in 34 Enterprise (B2B) companies, 33 Tech companies, 25 Consumer (B2C) companies and at least 9 companies focusing on Marketplace.Sector | No. of Investments |
|---|---|
Financial Services | 21 |
FinTech | 17 |
Consumer | 11 |
Enterprise Applications | 7 |
Sustainability Tech | 6 |
Others | 38 |
Note: We have considered here, only first round of investments
Elevar Equity's Investments by Geography
Elevar Equity has made most investments in India (36), followed by Mexico where it has made 6 investments.Country | No. of Investments |
|---|---|
India | 36 |
Mexico | 6 |
Argentina | 3 |
Peru | 2 |
Brazil | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Elevar Equity's recent investments
Elevar Equity has not made any investment in 2026 so far.Here are the most recent investments by Elevar Equity:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 13, 2025 | India | Seed | 6268 | - | |
Oct 04, 2025 | India | Series B | 2699 | - | |
2025 | India | Series C | 5309 | - | |
Feb 15, 2025 | India | Series B | 4121 | ||
Dec 09, 2024 | India | Series A | 4307 | [+4] |
Unicorns in Elevar Equity's Portfolio
Elevar Equity has 3 unicorns in its portfolio - InCred, LEAD School and Nuvemshop. The most recent unicorn in their portfolio is InCred. It became a unicorn in 2023, 4 years after Elevar Equity first invested in it.Here is a list of unicorns in Elevar Equity's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
82 | Provider of financial services specializing in personal, education, and business loans | 2016 | Mumbai | Series D | i{daoog | ||
68 | Provider of integrated learning system consisting of curriculum, pedagogy, and technology | 2012 | Mumbai | Series E | ocpuenl | ||
69 | Nuvemshop (also known as Tiendanube in Spanish-speaking countries) is a SaaS-based e-commerce platform provider for businesses of all sizes across Latin America | 2011 | Sao Paulo | Series E | xffrizv |
IPOs and Publicly Listed companies in Elevar Equity's Portfolio
2 of Elevar Equity's portfolio companies have become public. Ujjivan got listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), in Dec 2019 at marketcap of $906M and Ujjivan Small Finance Bank got listed on the Bombay Stock Exchange (BSE) at marketcap of $38.9M.Here are Elevar Equity's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 12, 2019 | Nov 19, 2008 | Series C | 9299 | |
May 10, 2016 | Nov 19, 2008 | Series B | 4452 |
Acquired companies in Elevar Equity's Portfolio
9 companies from Elevar Equity's portfolio have been acquired. The most recent acquisition were Vistaar Finance in Oct 2022 by Warburg Pincus for $250M.Here are Elevar Equity's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 08, 2022 | Apr 29, 2010 | Series A | 3219 | |
Jul 06, 2022 | - | - | 2684 | |
Apr 12, 2021 | Jan 03, 2018 | Seed | 1512 | |
Nov 27, 2019 | - | - | 2050 | |
Nov 16, 2017 | Oct 14, 2008 | Series A | 4948 |
Team profile of Elevar Equity
Elevar Equity has a team of 30 members including 4 Partners and 5 Principals located in India, United States and 2 more locations. Elevar Equity's team does not sit on the board of any company as of now.Here is a list of top team members in Elevar Equity:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Bellevue | - | ||
Partner | New York City | - | ||
Partner | Bengaluru | - | ||
Partner | Mauritius | - | - | |
Principal | Buenos Aires | - | ||
Principal | Bengaluru | - | ||
Principal | India | - | ||
Principal | Bengaluru | - |
Co-investors of Elevar Equity
Over the past 18 years, 588 investors have co-invested in Elevar Equity's portfolio companies. This includes funds and angels.
- Invested before Elevar Equity: Unitus, Caspian and 165 others have invested in rounds before Elevar Equity. There are 3 companies where Unitus has invested before Elevar Equity and 2 companies where Caspian has invested before Elevar Equity.
- Top Co-investors of Elevar Equity: 103 investors entered a company along with Elevar Equity. These include investors like The Rise Fund (4 companies).
- Invested after Elevar Equity: A total of 318 investors have invested in Elevar Equity's portfolio after their investments. Top Investors include DFC (5 companies), British International Investment (5 companies) and Northern Arc Capital (4 companies).
Recent News related to Elevar Equity
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Coverstack set to raise $11 Mn in new roundStartupNews•Oct 03, 2025•Coverstack, Coverfox, Elevar Equity
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Agri-focused Samunnati to seek new funds and new investors for captableVCCircle•Sep 18, 2025•Samunnati, Elevar Equity
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CureBay Secures $21 Million in Series B FundingBusiness News This Week•May 20, 2025•CureBay, Bertelsmann, Inflexor, Tenacity Ventures and 2 others
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FinX Bags $6 Mn To Offer BFSI-Centred Upskilling CoursesInc42•Dec 12, 2024•FinX, Elevar Equity, BFSISSC
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FinTech Funding November 2024: Indian FinTechs raised USD 130 mln, ET BFSIIndiatimes•Dec 03, 2024•SarvaGram, Peak XV Partners, Elevar Equity, Elevation Capital and 11 others
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India’s rural credit startup SarvaGram bags $67m in round led by Peak XVShareandstocks•Nov 15, 2024•SarvaGram, Peak XV Partners, Elevar Equity, Elevation Capital and 6 others
