Elev8 Venture Partners Research
Investment Thesis
Elev8 Venture Partners is a Bengaluru-based, growth-stage venture capital firm founded in 2022 by Navin Honagudi (former Kae Capital partner) to address what the firm calls India's "growth-stage funding gap" — the space between proven product-market fit and category leadership. Elev8 backs technology and tech-enabled companies at the precise moment when "revenue is real, unit economics are measurable, and profitability is a mathematical certainty," rather than betting on theoretical projections. The firm explicitly targets founders who have "proven the model" and offers value beyond capital, including strategic judgment, network access, and conviction during periods of market volatility.
Stage Focus
Elev8 invests almost exclusively at Series B and Series C, targeting companies where product-market fit is visible and revenue scale-up is underway. This is a deliberate departure from the earlier-stage focus of Honagudi's prior fund, Kae Capital, and reflects a thesis that the growth stage in India is underserved by domestic capital.
Check Size
The firm has stated a target of deploying $10M-$15M per company across 12-14 portfolio companies from its maiden fund, targeting companies valued between $100M and $300M at the time of investment.
Lead Tendency
Elev8 frequently leads or co-leads growth rounds. It led River Mobility's $120M Series C (with Claypond Capital, August 2026), led Dovetail Capital's ₹100 crore Series A (July 2026), led a $27M round in IDfy alongside KB Investment and Tenacity Ventures (June 2026), and led Fullife Healthcare's ₹300 crore raise (March 2026).
Recent Activity
Elev8 closed its maiden fund, Elev8-Capital AIF (a SEBI-registered Category II AIF, IN/AIF2/22-23/1123, managed by Elevate Capital Management Services Private Limited), at Rs 1,400 crore (~$160M) in September 2025 — a notable close given the broader global VC slowdown. KB Investment, part of South Korea's KB Financial Group, is the anchor investor and committed roughly 20% of the fund; the wider investor base spans institutions in South Korea, Hong Kong, and India, plus sovereign funds, family offices, and unicorn founders. As of the fund close, roughly one-third of the corpus had already been deployed, with the remainder targeted for the following 12-18 months. Since then the firm has closed a steady cadence of growth-stage deals: Fullife Healthcare (March 2026), IDfy (June 2026), Dovetail Capital (July 2026), and River Mobility (August 2026).
Portfolio Highlights
Elev8's publicly disclosed portfolio spans fintech, consumer internet, logistics, wellness, and media:
- smallcase — India's leading model-portfolio investing platform for retail investors
- IDfy — Asia-leading identity verification and fraud-prevention "TrustStack," processing 300M+ verified profiles for clients including Amazon and HDFC Bank
- Astrotalk — India's largest online astrology platform, reportedly at INR 600 crore FY24 revenue with 25% international revenue
- Snapmint — UPI-based buy-now-pay-later / EMI platform
- Porter — tech-enabled intra-city logistics platform operating across 35+ Indian cities plus UAE and Turkey
- Fullife Healthcare — active nutrition and wellness company (Fast&Up, Chicnutrix, NightOut brands) operating in 40+ countries
- Dovetail Capital — independent asset-servicing firm for foreign funds and family offices investing into India, with a presence in GIFT City, Mauritius, Dubai, and Singapore
- River Mobility — Bengaluru-based electric two-wheeler manufacturer (the "Indie" scooter), backed at $120M Series C to fund a new manufacturing plant and retail expansion to 350+ stores by 2028
- India Global Review — digital-first global media platform launched by journalist Palki Sharma, covering world affairs from an Indian perspective
Team
- Navin Honagudi, Managing Partner — 18+ years of investing experience; co-founded Kae Capital ($250M across 5 funds), backing Healthkart, Porter, 1MG, and Zetwerk; has evaluated 500+ startups
- Kavish Kothari, Partner — 16+ years in private equity and investment banking; a decade at Eight Roads (Fidelity-backed); prior roles at J.P. Morgan, Tata Capital, and Ernst & Young
- Ashwini Khemka, CFO — leads investor relations, fund finance, compliance, and operations; began career at KPMG, formerly head of finance/legal/compliance at Moonfrog Labs
- Abhisekh Shah, Principal — over a decade of entrepreneurial and investing experience focused on growth-stage deals; background in private equity and fund-of-funds
- Parth Doshi, Vice President — Chartered Accountant with 6+ years of M&A experience; previously at InnoVen Capital covering fintech, EVs, and B2B platforms
- Navadha Pandey, VP Marketing & Communications — led brand functions at Walmart and Heineken; former investigative journalist at Mint and The Hindu Business Line
- Prerna Bharati, AVP Legal — 9+ years at law firms including Bombay Law Chambers, Vertices Partners, and CMS Indus Law
- Additional team: Umang Saraf (Associate), Komal Vichoor (Analyst), Abhinav Vinay (Analyst, ex-Goldman Sachs FIG), Mayank Jajoo (Finance Executive), Pooja Wadageri (EA & Administrator), Gloria Seiko Mendes (Executive Assistant)
- Advisory board includes Sasha Mirchandani (Founder/Managing Partner, Kae Capital; co-founder Mumbai Angels), Ashish Shastry (Partner & CIO, Analog Partners; ex-KKR Asia Pacific co-head), and Gabriel Li (Managing Director, Orchid Group Holdings, ~$6.5B AUM)
Decision Process
Elev8 operates as a partnership led by Managing Partner Navin Honagudi and Partner Kavish Kothari, with a Principal and VP layer sourcing and executing growth-stage deals. The firm emphasizes testable business models built on real unit economics over projections, and frequently syndicates growth rounds alongside other institutional investors (e.g., Claypond Capital on River Mobility, KB Investment and Tenacity Ventures on IDfy).
Founder Preferences
Elev8 targets founders who have already "proven the model" — companies with visible product-market fit, measurable unit economics, and a credible path to profitability — rather than early-stage teams still searching for fit. Portfolio companies are frequently characterized as profitable or near-profitable at the time of investment, with capital used for overseas expansion, M&A, senior hiring, and IPO preparation.
Geographic Focus
India-focused, headquartered in Bengaluru (Indiranagar). Portfolio companies operate domestically and are expanding internationally (UAE, Turkey, Mauritius, Dubai, Singapore, global media distribution).