Gurugram-based venture capital (VC) firm Elevation Capital has promoted Mukul Arora from partner to co-managing partner. With this promotion, Arora joined Ravi Adusumalli, who is also serving as co-managing partner at the VC firm.
Elevation invests in consumer brands and tech, enterprise, SaaS, financial services and logistics startups. Some of the startups in its portfolio include Chayoos, Country Delight, The Souled Store, Urban Ladder, AppsForBharat, Ixigo, MakeMyTrip and others.
Last year, it had invested in CityMall, Yellow Class and Sugar, across more than 35 deals. It is now co-led by managing partners Adusumalli and Arora, along with three managing directors: Mridul Arora, Deepak Gaur, and Mayank Khanduja.
Arora joined the firm in 2010 and in the eleven years he spent there, he led or co-led investments into startups including First Cry, Meesho, Spinny, Swiggy, Unacademy and Xpressbees according to Elevation Capital.
“Mukul has been a core part of Elevation from the day we started our India-dedicated funds and has been instrumental in some of the most successful investments for Elevation. He enjoys strong support across all the founders in the portfolio and has been a role model for the emerging investors at Elevation. I have a tremendous amount of respect for Mukul’s integrity, intelligence, work ethic, and commitment to making Elevation successful,” said Ravi Adusumalli of Elevation Capital.
“Now, we’re at a point where over the next 10 years, technology companies will lead India’s growth. This is a very exciting time and I am glad to have the opportunity to work alongside Ravi and an outstanding team, and lead Elevation into playing an indispensable role in India’s technology growth story,” said Mukul Arora in a statement.
More than $39 Bn has been invested in Indian startups in the last year, marking a 225% increase from the figure in 2020.
According to Inc42 analysis, in 2021, about $6.2 Bn was raised by 62 funds across categories to back Indian startups. Of these, nine were Corporate Venture Capital funds (or CVCs) and 12 were Micro VCs.