Elev8 closes Rs 1,400 Cr India fund with backing from South Korean, Hong Kong LPs

Backed by institutions from South Korea, Hong Kong, and India, the fund saw a sovereign fund, large family offices, and several unicorn founders joining as limited partners (LPs). South Korea-based KB Investment (part of KB Financial Group) was the anchor investor, while the Indian Self-Reliant India Fund also contributed significant capital to the fund.

Venture Catalysts-backed Elev8 launched in 2023, and it has already deployed about one-third of the corpus in five companies—Astrotalk, IDfy, Smallcase, Porter, and Snapmint—with cheque sizes between $8 million and $14 million. In several deals, Elev8 co-invested alongside its LPs.

“The final close of our maiden fund is both a capital milestone and a validation of our belief that India’s next wave of market leaders will be built on profitability, resilience, and scale,” said Elev8 Managing Partner Navin Honagudi.

He added, “Our focus now is to deploy the remaining capital with discipline and support our portfolio companies on their journey towards IPOs and global leadership.”

According to Elev8, all its portfolio companies are scaling at over 30% annually and remain profitable. It plans to deploy the rest of the fund into fintech, software-as-a-service (SaaS), B2B platforms, and consumer brands.

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Recently, South Korea’s capital and brands have been pushing into India. KRAFTON India became an anchor investor in IMM Investment’s IMM India Fund—a prominent South Korean investment firm with around $7 billion in assets under management.

KRAFTON has also invested roughly $170 million in Indian gaming and the creator economy and backs funds such as 3one4 Capital and Lumikai.

K-beauty players, including Amorepacific’s Innisfree, Laneige, The Face Shop, and ODM firm Cosmax, are expanding as India’s beauty market heads toward $45 billion by 2030, with Korean cosmetics expected to reach $1.5 billion.

Demand is spreading beyond metros to smaller cities, driven by YouTube, Instagram, and creator reviews. According to research presented by KindLife, a wellness ecommerce platform, over 50% of Indian consumers report actively using or following K-beauty trends, and one-third have tried at least one K-beauty product.

Meanwhile, Korean culture is a tailwind. Netflix reported a 370% rise in Korean drama viewership in India in 2020. K-pop streams hit 6.2 billion in 2023, placing India among the top global markets.