Elevation Capital’s Long Game: Building A Holding Fund For Multi-Bagger IPO Exits

Strategic Shift  
Traditionally known for early-stage investments, Elevation Capital is now expanding into late-stage funding through Elevation Holdings. The fund will write cheques of $20–50 million, focusing on companies nearing IPOs and continuing to hold stakes post-listing to maximize long-term gains.  

Case In Point: Meesho  
Elevation Capital surprised many by increasing its stake in Meesho to 14% ahead of the company’s IPO in December 2025. This move highlights the firm’s conviction in value-commerce platforms and its willingness to double down on winners before they hit public markets.  

Market Impact  
With India’s startup ecosystem maturing, Elevation Capital’s holding fund strategy reflects a broader trend of venture firms seeking sustained returns beyond early exits. The approach positions Elevation as a long-term partner for startups navigating the transition from private to public markets.  

Key Highlights  

• Elevation Capital launches $400 million holding fund  
• Focus on late-stage, IPO-bound startups  
• Cheques of $20–50 million for pre-IPO investments  
• Meesho stake increased to 14% ahead of IPO  
• Strategy designed for multi-bagger IPO exits  

Conclusion  
Elevation Capital’s holding fund marks a significant evolution in its investment strategy. By backing IPO-bound startups and holding positions beyond listing, the firm is positioning itself to capture outsized returns while reinforcing its role as a long-term growth partner in India’s startup ecosystem.  

Sources: Economic Times, Inc42, Moneycontrol   [Forbes India]