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Several Elevation-backed AI start-ups are currently in stealth and are expected to be announced in the second half of the year.
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Venture capital firm Elevation Capital is sharpening its focus on India’s emerging artificial intelligence (AI) ecosystem, placing strong bets on infrastructure, application, and vertical application layers rather than foundational models. The firm plans to make 5–6 AI investments annually and remains open to partnering with start-ups that fit its thesis.
“We are going very heavy on the infra, vertical SaaS, productivity and emerging B2B use cases,” said Poorvi Vijay, Principal at Elevation Capital. “I do believe a lot more value will be created out of India in the middleware and application case.”
While global players like OpenAI, Google, and Anthropic dominate the model layer, Elevation believes India’s comparative strength lies in developer-led infrastructure and use case-specific applications. Drawing a parallel to the evolution of the cloud era, she noted that AI is following a similar pattern—starting with foundational platforms, followed by a burst of middleware tooling and end-user applications.
“There’s a bunch of application that’s getting reimagined,” she said. “The way observability is done, models are hosted, evaluated, tested—all of that is being built again.”
The firm primarily focuses on early-stage bets, with most of its AI deals falling in the Seed and Series A brackets. Several Elevation-backed AI start-ups are currently in stealth and are expected to be announced in the second half of the year. “We’re always open to partnering with exceptional companies that fit our criteria,” she added.
With India’s deep pool of developer talent and growing enterprise appetite for AI-led transformation, Elevation expects the local ecosystem to mature rapidly. It also anticipates AI becoming a fertile space for M&A activity in the coming years, as larger enterprises look to integrate niche AI capabilities.
Published on May 30, 2025
This article first appeared on The Hindu Business Line
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