Elevation Rejigs Team, Promotes VP Ashray Iyengar & 2 Others

Venture capital and growth equity investment firm Elevation Capital has strengthened its leadership team with three elevations.

As per the VC firm, it has promoted its principals Vaas Bhaskar and Chirag Chadha to the positions of partners and vice president Ashray Iyengar to principal.

Besides, it has expanded its partnership team to nine members now. 

While Bhaskar has been serving as the principal at Elevation Capital since his appointment in 2018, Chadha’s stint at the VC firm started as an investment analyst in 2017 and he later served at various leadership positions, including associate vice president and vice president.

Elevation claims that Chadha’s focus on consumer tech and brands has driven key investments in companies, including BlissClub, Chaayos, Comet, Country Delight, SUGAR, The Souled Store, Wakefit among others. Prior to joining the VC firm, Chadha served as an assistant manager at ITC Limited.

On the other hand, Bhaskar, in his role as a principal, was majorly responsible for fintech investments in the company, including  Dezerv, Probo, Frnd and Turnip among others. In over a decade of his working experience, Bhaskar also worked at global consultancy firm, Bain & Company. 

Last year, Iyengar joined Elevation as the vice president after his 5-year stint at fintech unicorn company CRED, where he worked as a part of the founding team. Not just this, Iyengar also served as an investment analyst at Nexus Venture Partners.

“The promotions of Vaas, Chirag, and Ashray are a great reflection of their journeys that highlight the perseverance and vision that fuel our mission and reinforce our commitment to nurturing talent,” said Elevation Capital’s co-managing partner Ravi Adusumalli.

These appointments come at a time when Elevation Capital made various key investments and exits this year.

For instance, the VC firm recently led the seed funding round of  $3.6 Mn at wealthtech startup Infinyte.Club.

In June, Elevation Capital was in talks to join Gold loan provider Rupeek’s cap table as a part of INR 200 Cr funding round.

Not just this, the investment company also led a $5 Mn funding round at D2C sneaker brand Comet.

Talking on the exit front, Elevation Capital exited online travel aggregator ixigo with 13X returns ahead of the startup’s IPO in June.

The VC firm claims to have a portfolio of over 200 companies including 14 unicorns and 9 publicly listed startups. Its key investments include companies like Swiggy, Meesho, ShareChat, and Urban Company, among others.