Elevation Capital
In short: Elevation Capital is an India-focused venture capital firm based in Gurugram, formerly known as SAIF Partners. It backs early-stage startups and closed its ninth fund, Fund IX, at $500 million in July 2026. It matters to the dating industry as the lead investor in Schmooze, a meme-based dating app, and as a funder of Indian consumer internet companies.
Key facts
| Type | Investor |
|---|---|
| Headquarters | Gurugram, India |
| Status | Active |
| Website | elevationcapital.com |
| Former name and rebrand | Known as SAIF Partners until it rebranded as Elevation Capital in October 2020, when it announced the close of its seventh fund at $400 million. [SAIF Partners rebranded as Elevation Capital; closes $400 Mn, 20 October 2020] |
| Headquarters | Gurugram, India (described as a Gurugram venture firm) [Elevation Capital Fund Bags Huge $500 Mn For AI Startups, July 2026] |
| Latest fund | Fund IX closed at $500 million, the ninth India-focused fund, targeting seed and Series A startups with an AI focus. Announced 14 July 2026. [Elevation Capital Closes $500 Million India Fund, Sharpens F, 14 July 2026] |
| Deployable capital | About $900 million combined, including a separate $400 million vehicle launched in August 2025. [Elevation Capital Closes $500 Million India Fund, Sharpens F, 14 July 2026] |
| Leadership | Co-Managing Partners Ravi Adusumalli and Mukul Arora lead the firm and Fund IX. [Elevation Capital Closes $500 Million India Fund, Sharpens F, 14 July 2026] |
| Dating investment: Schmooze | Led a $4 million Series A round in meme-based dating platform Schmooze, with angel investors including founders of Ultrahuman, The Souled Store, Mosaic Wellness and Paytm. Schmooze had previously raised $3.47 million from Inventus Capital Partners and others. [Meme-based dating app Schmooze raises $4 Mn led by Elevation, September 2024] |
| Notable portfolio | Portfolio includes FirstCry, Ixigo, MakeMyTrip, Paytm, Swiggy, Meesho and Urban Company. [Elevation Capital Closes $500 Million India Fund, Sharpens F, 14 July 2026] |
| QuackQuack funding status | QuackQuack's founder and CEO describes the app as bootstrapped from day one; no source seen lists Elevation Capital as an investor. [Bootstrapped dating app QuackQuack skyrockets to 115% growth, 2023] |
About Elevation Capital
Elevation Capital is a venture capital firm focused on India. It operated as SAIF Partners until October 2020, when it rebranded as Elevation Capital and announced the close of its seventh fund at $400 million. The firm is based in Gurugram and is led by co-managing partners Ravi Adusumalli and Mukul Arora. Its portfolio includes Paytm, Swiggy, Meesho, FirstCry and MakeMyTrip.
In July 2026 the firm closed Elevation Capital Fund IX at $500 million. The fund is aimed at seed and Series A companies, with a focus on startups building AI products. It sits alongside a separate $400 million vehicle, Elevation Holdings, which launched in August 2025 for later-stage companies. Together the two give the firm about $900 million in deployable capital.
For the dating industry, the clearest link is Schmooze, a meme-based dating app. In September 2024 Schmooze raised a $4 million Series A round led by Elevation Capital, following an earlier round of about $3.47 million from Inventus Capital Partners and others. Amit Aggarwal, a principal at the firm, commented on the deal. Dating Industry Insights has named Elevation Capital in a story on QuackQuack's family values survey. QuackQuack has described itself as bootstrapped, and no source seen in this research shows Elevation Capital investing in it. Other firms share the Elevation Capital name, including ones in Canada and Australia, so this profile covers the Indian firm only.
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Questions about Elevation Capital
Was Elevation Capital previously called something else?
Yes. It was known as SAIF Partners until it rebranded as Elevation Capital in October 2020.
Has Elevation Capital invested in a dating app?
Yes. It led a $4 million Series A round in Schmooze, a meme-based dating app, in September 2024.
Is Elevation Capital an investor in QuackQuack?
No source seen in this research says so. QuackQuack's founder describes the company as bootstrapped.
How large is Elevation Capital's latest fund?
Fund IX closed at $500 million in July 2026. With a separate $400 million vehicle, the firm has about $900 million in deployable capital.
What does Elevation Capital do?
Elevation Capital is an India-focused venture capital firm based in Gurugram, formerly known as SAIF Partners. It backs early-stage startups and closed its ninth fund, Fund IX, at $500 million in July 2026.
Where is Elevation Capital based?
Elevation Capital is based in Gurugram, India.
Also known as: Elevation Capital Advisors, SAIF Partners, SAIF Partners India.
Sources
- SAIF Partners rebranded as Elevation Capital; closes $400 Mn India focused fund
- Elevation Capital Fund Bags Huge $500 Mn For AI Startups
- Elevation Capital Closes $500 Million India Fund, Sharpens Focus on AI Startups
- Meme-based dating app Schmooze raises $4 Mn led by Elevation
- Bootstrapped dating app QuackQuack skyrockets to 115% growth in FY 22-23