Elevation Capital

Elevation Capital, founded in 2002 and based in Gurgaon, India, is an early-stage venture capital firm that focuses on investing in a diverse range of sectors including consumer brands, consumer technology, enterprise solutions, cryptocurrency, software as a service (SaaS), business-to-business services, financial services, and logistics. The firm manages several funds, including the SAIF Partners India Fund, which targets investments primarily in India across various industries such as software, media, education, telecom, healthcare, and travel. Elevation Capital seeks to fund companies at different stages of growth, from seed to later-stage, typically investing amounts ranging from USD 2 million to USD 75 million.

Ravi Adusumalli

Founder and Managing Partner

Manish Advani

Vice President

Harsh Agarwal

Senior Associate

Amit Aggarwal

Principal

Mukul Arora

Partner

Past deals in FMCG

SUGAR Cosmetics

Series E in 2024
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

SUGAR Cosmetics

Series D in 2022
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

CityMall

Series C in 2022
CityMall is a community commerce platform designed to serve the approximately 300 million new internet users in small cities, towns, and villages across India. The company focuses on essential categories such as groceries, fresh and packaged FMCG, electronics, and fashion. By addressing the unique challenges faced by these consumers—such as trust issues, unfamiliarity with online transactions, and low average order values—CityMall aims to create a viable e-commerce solution. The platform leverages "Community Leaders" who act as local connectors, facilitating customer acquisition, localized marketing, and last-mile logistics. This community-oriented approach enables CityMall to effectively engage with its target audience and foster micro-entrepreneurship within these regions. Founded by alumni from IIT Delhi and IIT Roorkee, the company aspires to empower these local leaders to establish a prominent e-commerce presence for Bharat.

CityMall

Series B in 2021
CityMall is a community commerce platform designed to serve the approximately 300 million new internet users in small cities, towns, and villages across India. The company focuses on essential categories such as groceries, fresh and packaged FMCG, electronics, and fashion. By addressing the unique challenges faced by these consumers—such as trust issues, unfamiliarity with online transactions, and low average order values—CityMall aims to create a viable e-commerce solution. The platform leverages "Community Leaders" who act as local connectors, facilitating customer acquisition, localized marketing, and last-mile logistics. This community-oriented approach enables CityMall to effectively engage with its target audience and foster micro-entrepreneurship within these regions. Founded by alumni from IIT Delhi and IIT Roorkee, the company aspires to empower these local leaders to establish a prominent e-commerce presence for Bharat.

CityMall

Series A in 2021
CityMall is a community commerce platform designed to serve the approximately 300 million new internet users in small cities, towns, and villages across India. The company focuses on essential categories such as groceries, fresh and packaged FMCG, electronics, and fashion. By addressing the unique challenges faced by these consumers—such as trust issues, unfamiliarity with online transactions, and low average order values—CityMall aims to create a viable e-commerce solution. The platform leverages "Community Leaders" who act as local connectors, facilitating customer acquisition, localized marketing, and last-mile logistics. This community-oriented approach enables CityMall to effectively engage with its target audience and foster micro-entrepreneurship within these regions. Founded by alumni from IIT Delhi and IIT Roorkee, the company aspires to empower these local leaders to establish a prominent e-commerce presence for Bharat.

CityMall

Seed Round in 2020
CityMall is a community commerce platform designed to serve the approximately 300 million new internet users in small cities, towns, and villages across India. The company focuses on essential categories such as groceries, fresh and packaged FMCG, electronics, and fashion. By addressing the unique challenges faced by these consumers—such as trust issues, unfamiliarity with online transactions, and low average order values—CityMall aims to create a viable e-commerce solution. The platform leverages "Community Leaders" who act as local connectors, facilitating customer acquisition, localized marketing, and last-mile logistics. This community-oriented approach enables CityMall to effectively engage with its target audience and foster micro-entrepreneurship within these regions. Founded by alumni from IIT Delhi and IIT Roorkee, the company aspires to empower these local leaders to establish a prominent e-commerce presence for Bharat.

SUGAR Cosmetics

Debt Financing in 2020
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

Yogabars

Series C in 2020
Yogabars is a food company that sells and manufactures protein and fiber-rich bars. Its products contain no artificial colors, flavors, preservatives, high fructose corn syrup, or hydrogenated oil. The company was founded in 2014 and is headquartered in Bangalore, Karnataka, India.

Yogabars

Series A in 2020
Yogabars is a food company that sells and manufactures protein and fiber-rich bars. Its products contain no artificial colors, flavors, preservatives, high fructose corn syrup, or hydrogenated oil. The company was founded in 2014 and is headquartered in Bangalore, Karnataka, India.

Yogabars

Series A in 2018
Yogabars is a food company that sells and manufactures protein and fiber-rich bars. Its products contain no artificial colors, flavors, preservatives, high fructose corn syrup, or hydrogenated oil. The company was founded in 2014 and is headquartered in Bangalore, Karnataka, India.

FirstCry India

Series C in 2014
FirstCry is an online platform based in Pune, India, specializing in baby and kids' products. Founded in 2010, the company offers an extensive range of over 20,000 items from more than 250 renowned international and Indian brands, including Mattel, Pampers, and Disney. FirstCry's business model encompasses not only the sale of baby products and toys but also the wholesale distribution of fast-moving consumer goods (FMCG) through various partners. Additionally, the company operates a preschool segment via franchise partnerships across India. By focusing on quality products and providing a reliable online shopping experience, FirstCry aims to ensure customer satisfaction through prompt delivery services and responsive customer care.

FirstCry India

Series A in 2011
FirstCry is an online platform based in Pune, India, specializing in baby and kids' products. Founded in 2010, the company offers an extensive range of over 20,000 items from more than 250 renowned international and Indian brands, including Mattel, Pampers, and Disney. FirstCry's business model encompasses not only the sale of baby products and toys but also the wholesale distribution of fast-moving consumer goods (FMCG) through various partners. Additionally, the company operates a preschool segment via franchise partnerships across India. By focusing on quality products and providing a reliable online shopping experience, FirstCry aims to ensure customer satisfaction through prompt delivery services and responsive customer care.
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