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Elevar Equity is a venture capital firm founded in 2008. It is primarily based out of Bengaluru, India. As of May 2025, Elevar Equity is an active investor, having invested in 50 companies, with 1 new investment 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 Enterprise Applications. Most recently it led the $7.42M Series A round of CureBay.
Overall, Elevar Equity portfolio has seen 3 unicorns, 2 IPOs and 9 acquisitions including key companies like Ujjivan Small Finance Bank, LEAD School and Vistaar Financial Services. A lot of funds co-invest with Elevar Equity, with names like Accion sharing a substantial percentage of its portfolio.
Elevar Equity has team of 28 people including 9 partners.
Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Series A, Seed & 4 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Elevar Equity's List of Top Investments
Elevar Equity has a portfolio of 50 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, Enterprise Applications and 15 other sectors, across stages such as Series A, Seed and 4 more. Here is the list of top investments by Elevar Equity:Ujjivan Small Finance Bank Limited is a RBI licensed small finance bank. It is a wholly owned subsidiary of Ujjivan Financial Services Ltd., which is a leading microfinance organization and was one of the ten recipients of first set of small finance bank licenses. Has a network of 160+ branches across 24 states, and provides the full range of banking services with a focus on the underserved market.
Key facts about Ujjivan Small Finance Bank
- Founded Year: 2005
- Location: Bengaluru (India)
- Annual Revenue: ₹6,460Cr as on Mar 31, 2024
- Stage: Public
- Total Funding till date: $154M
- Employee Count: 22,566 as on Mar 31, 2024
- Investors: Standard Chartered, IFC and 38 Others
- Latest Funding Round: Post IPO, Sep 12, 2022, $59.6M
- Highlight: Public
2. Varthana
Provider of school and student loan solutions. Its loan are custom built to suit the wide range of projects that help school leaders unlock the schools potential, as well as for college going students for the educational goals. It also support students in excelling in the studies for the dream careers.
Key facts about Varthana
- Founded Year: 2013
- Location: Bengaluru (India)
- Annual Revenue: ₹284Cr as on Mar 31, 2024
- Valuation: ₹955Cr as on Jun 28, 2021
- Stage: Series C
- Total Funding till date: $89.5M
- Employee Count: 785 as on Mar 31, 2025
- Investors: ChrysCapital, Triodos Investment Management and 53 Others
- Latest Funding Round: Conventional Debt, Apr 17, 2025, $8.7M
- Highlight: Editors' Pick
3. LEAD School
Provider of a digital learning solutions for schools and teachers. The company provides a comprehensive digital learning platform designed to enhance the educational experience for students, teachers, and administrators. This includes curriculum resources, teacher training programs, and technological tools to support both in-school and at-home learning. The platform offers features such as student and class management systems, digital classrooms, and assessment tools. The company also supports teacher professional development through online academies and in-person workshops. The goal is to empower educators and improve student outcomes through technology-integrated learning.
Key facts about LEAD School
- Founded Year: 2012
- Location: Mumbai (India)
- Annual Revenue: ₹370Cr as on Mar 31, 2024
- Valuation: ₹8,430Cr as on Jan 14, 2022
- Stage: Series E
- Total Funding till date: $172M
- Employee Count: 1,114 as on Apr 30, 2025
- Investors: WestBridge Capital, Standard Chartered and 21 Others
- Latest Funding Round: Series E, Jan 04, 2024, $1.14M
- Highlight: Editors' Pick
Provider of a financial services platform that provides small business loans and other financial products to micro, small, and medium-sized enterprises (MSMEs), aiming to support their growth and development.
Key facts about Vistaar Financial Services
- Founded Year: 2010
- Location: Bengaluru (India)
- Annual Revenue: ₹685Cr as on Mar 31, 2024
- Last Known Valuation: ₹2,320Cr as on May 25, 2023
- Stage: Acquired
- Total Funding till date: $117M
- Employee Count: 3,456 as on Apr 30, 2025
- Investors: WestBridge Capital, Warburg Pincus and 35 Others
- Latest Funding Round: Conventional Debt, Aug 02, 2023, $50M
- Highlight: Acquired
5. StrideOne
Platform offering customized financial services to startups and small enterprises. The platform empowers entrepreneurs through next-generation finance solutions, facilitating inclusive entrepreneurship and accelerating ambitions.
Key facts about StrideOne
- Founded Year: 1991
- Location: Gurugram (India)
- Annual Revenue: ₹78.2Cr as on Mar 31, 2024
- Valuation: $245M as on Dec 14, 2023
- Stage: Seed
- Total Funding till date: $48M
- Employee Count: 149 as on Dec 31, 2024
- Investors: Matrix, Elevation Capital and 55 Others
- Latest Funding Round: Unattributed, Dec 14, 2023, $3.24M
- Highlight: Editors' Pick
Elevar Equity's Year-on-Year Investment Trends
Elevar Equity has invested in 50 companies over the last 17 years, with an average of 3 new investments annually in the last 10 years. In 2024, it made 7 investments, while as of May 2025, it has made 1 investment in this year. Its most recent first time investment was in FinX and most recent follow-on round was in CureBay.
Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2025 (YTD) | 0 | 1 | 1 |
2024 | 2 | 5 | 7 |
2023 | 0 | 2 | 2 |
2022 | 5 | 7 | 12 |
2021 | 4 | 4 | 8 |
2020 | 0 | 5 | 5 |
2019 | 6 | 4 | 10 |
2018 | 3 | 5 | 8 |
2017 | 3 | 5 | 8 |
2016 | 3 | 2 | 5 |
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Elevar Equity's Investments by Stage
Elevar Equity is primarily an Early Stage Investor investor majorly investing in Series A (24) rounds where average round size is $248M, Seed (12) rounds where average round size is $32.9M and Series B (3) rounds where average round size is $33.8M.Note: We have considered here, only first round of investments
Stage of entry | No. of Investments |
|---|---|
Series A | 24 |
Seed | 12 |
Series B | 3 |
Series C | 2 |
Series D | 1 |
Others | 1 |
Elevar Equity's Investments by Sector
Elevar Equity has a diverse portfolio, with companies operating in the Financial Services, FinTech, Consumer, Enterprise Applications and Food and Agriculture Tech. Notably, it has invested in 29 Enterprise (B2B) companies, 28 Tech companies, 23 Consumer (B2C) companies and at least 8 companies focusing on Social impact.
Note: We have considered here, only first round of investments
Sector | No. of Investments |
|---|---|
Financial Services | 21 |
FinTech | 13 |
Consumer | 8 |
Enterprise Applications | 6 |
Food and Agriculture Tech | 5 |
Others | 30 |
Elevar Equity's Investments by Geography
Elevar Equity has made most investments in India (31), followed by Mexico where it has made 5 investments.
Note: We have considered here, only first round of investments
Country | No. of Investments |
|---|---|
India | 31 |
Mexico | 5 |
Peru | 3 |
Argentina | 2 |
Brazil | 1 |
Others | 1 |
Elevar Equity's recent investments
Filter this listHere are the most recent investments by Elevar Equity:
Date | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
May 20, 2025 | India | Series B | $21M | ||
Nov 18, 2024 | India | Seed | $6M | - | |
Nov 14, 2024 | India | Series D | $66.9M | Peak XV Partners [+4] | |
Jun 25, 2024 | India | Series A | $10.5M | Peak XV Partners [+1] | |
May 08, 2024 | India | Series A | $4.3M | GMO Venture Partners [+8] |
Get the detailed list of all investments by Elevar Equity. Download now!Unicorns in Elevar Equity's Portfolio
Filter this listHere 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 |
|---|---|---|---|---|---|---|---|
67 | Online platform offering diversified consumer and business loans | 2016 | Mumbai | Series D | sgfdhog | ||
71 | Provider of a digital learning solutions for schools and teachers | 2012 | Mumbai | Series E | svqroqc | ||
66 | SaaS-based software suite solutions for e-commerce businesses | 2011 | Sao Paulo | Series E | emcome{ |
IPOs and Publicly Listed companies in Elevar Equity's Portfolio
Filter this listHere 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 | $18.9M | |
May 10, 2016 | Nov 19, 2008 | Series B | $18.8M |
Acquired companies in Elevar Equity's Portfolio
Filter this listHere 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 | $3.36M | |
Jul 06, 2022 | - | - | - | |
Apr 12, 2021 | Jan 03, 2018 | Seed | $102K | |
Nov 27, 2019 | - | - | - | |
Nov 16, 2017 | Oct 14, 2008 | Series A | $3M |
Team profile of Elevar Equity
Elevar Equity has a team of 28 members including 9 Partners, 2 Venture Partners and 5 Principals located in India, United States and 3 more locations. Elevar Equity's team sits on the board of 10 companies.Here is a list of top team members in Elevar Equity:
Name | Designation | Location | Board Memberships | Contact details |
|---|---|---|---|---|
Partner | Bengaluru | LEAD School, Vistaar Financial Services and 5 more | ||
Partner | Bellevue | - | ||
Partner | Bengaluru | |||
Partner | Bengaluru | - | ||
Partner | New York City | - | ||
Partner | Bengaluru | - | ||
Partner | Mauritius | - | - | |
Partner | Mauritius | - | - | |
Partner | Mumbai | - | ||
Venture Partner | Chennai | - | ||
Venture Partner | Mumbai | - |
Get the full list of Elevar Equity's team & partners for free. Download now!Co-investors of Elevar Equity
Over the past 17 years, 610 investors have co-invested in Elevar Equity's portfolio companies.
- Invested before Elevar Equity: Unitus, Caspian and 125 others have invested in rounds before Elevar Equity. There are 2 companies where Unitus has invested before Elevar Equity and 2 companies where Caspian has invested before Elevar Equity.
- Top Co-investors of Elevar Equity: 76 investors entered a company along with Elevar Equity. These include investors like Accion (4 companies).
- Invested after Elevar Equity: A total of 407 investors have invested in Elevar Equity's portfolio after their investments. Top Investors include British International Investment (5 companies), FMO (4 companies) and Northern Arc Capital (4 companies).
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Recent News related to Elevar Equity
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