VC fund Elevation Capital promotes Mukul Arora to co-managing partner

Mumbai: In a significant move, early-stage venture capital firm Elevation Capital said that Mukul Arora has been promoted to as co-managing partner alongside Ravi Adusumalli. Arora joined Elevation (formerly SAIF Partners) as an associate in 2010 and has led or co-led investments in some of the fastest-growing consumer internet startups including FirstCry, Meesho, Spinny, Swiggy, Unacademy, and Xpressbees. He has clocked partial exits in Swiggy-- which the fund entered at the seed round – and Unacademy.

An alumnus of IIM-Lucknow, Arora has also played a partner support role for digital payments major Paytm, which went public last year in November.

In the last year, he has also started exploring startups in the enterprise and SaaS sectors.


Arora was nominated for The Economic Times Startup Awards, in the prestigious Midas Touch category in 2021 and 2019.

Elevation closed its $400 million seventh fund in 2020 and has assets under management of $2.4 billion. It has backed companies like Paytm, Swiggy, Urban Company, Meesho, Unacademy, ShareChat, NoBroker, Spinny.

Last year, Sequoia Capital elevated five of its executives to the managing director position amid hectic dealmaking across Indian startup.

Adusumalli said in a prepared statement, “Mukul has been a core part of Elevation from the day we started our India-dedicated funds and has been instrumental in some of the most successful investments for Elevation. I am thrilled to have him join me as co-managing partner.”

Arora said, “I was very fortunate to join Elevation at a time when the foundation for India’s tech ecosystem was being built. Now, we’re at a point where over the next 10 years, technology companies will lead India’s growth.”