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has raised $670 million for its latest fund as it doubles down on early-stage investing in India.

The firm, which is based in India, has invested in more than 150 companies via seven funds in the last two decades or so (originally as SAIF Partners) and 13 of its early-stage investments have become unicorns, such as and , according to Elevation Capital. Now, with its eighth fund, it鈥檚 focusing on seed and Series A investments.

鈥淓arly-stage investing is where we have found our ikigai鈥攖he perfect intersection of our capabilities, passion, and the needs of the founder ecosystem,鈥� the firm wrote in a . 鈥淎s a result, our investment pace has been accelerating and went up by 100%, just in the past 12 months.鈥�

Some of Elevation Capital鈥檚 most recent investments include , and . The vast majority of its investments so far this year have been seed or Series A funding rounds, including for , and .

Although the firm has been around for some time, it believes India鈥檚 tech ecosystem 鈥渉as now reached an inflection point.鈥�

鈥�Not only is India鈥檚 GDP set to cross $5 trillion in five years, this rising prosperity is augmented by foundational rails such as the UPI system, Universal ID, and streamlined taxation structures,鈥� the firm wrote. 鈥淎dding value to this mix are favorable factors such as a deep professional talent pool with global tech exposure, soaring internet mobile penetration rates and strong global capital inflows.鈥�

Some of Elevation Capital鈥檚 exits include , and .

Illustration: Li-Anne Dias