Elevation Capital promotes Mukul Arora to co-head the VC firm

Mukul Arora, partner at Elevation Capital, has been promoted to co-managing partner along with founder Ravi Adusumalli, the firm said today, as the venture capital company rewards Arora for early bets on top internet startups such as Meesho, Swiggy, FirstCry and Xpressbees.

Delhi-based Arora will lead the firm along with US-based Adusumalli. His role will entail creating investment theses and looking for new areas of investment for the firm as a whole, even as India’s technology investment scene undergoes a tectonic shift, with new areas such as cryptocurrency, Web 3.0, local software-as-a-service and deep technology taking centre stage.

Arora was the ninth employee in 2010 at SAIF Partners India, as Elevation Capital was called then, joining from consulting giant McKinsey where he had worked after his MBA from the Indian Institute of Management, Lucknow. 

He rose through the ranks, joining as an associate, and being promoted to vice president, principal and partner in 2013, 2015 and 2016 respectively. The latest promotion puts Arora at the helm of one of India’s top venture funds, effectively making him one of India’s most powerful venture capitalists.

Moneycontrol reported last month that Elevation is planning to raise a $600 million fund, its largest yet, over the next few months, to back early and growth stage startups.

“Arora 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. He enjoys strong support across all the founders in the portfolio and has been a role model for the emerging investors at Elevation. I have a tremendous amount of respect for Mukul’s integrity, intelligence, work ethic, and commitment to making Elevation successful. I am thrilled to have him join me as co-managing partner,” Salt Lake City-based Adusumalli 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. This is a very exciting time and I am glad to have the opportunity to work alongside Ravi and an outstanding team, and lead Elevation into playing an indispensable role in India’s technology growth story,” Arora said.

“Our number one goal is to be the most loved fund amongst founders. We will continue to partner with founders from day 1, work in the trenches with them and help build phenomenal companies,” he added.

Arora’s other investments include social commerce startups WMall and CityMall, online education firm CampK12 and health and wellness brand Mosaic Wellness. Elevation manages over $2 billion in assets in India, and is best known for its early bet on Paytm. 

Other partners at Elevation include Deepak Gaur, Mayank Khanduja, and Mridul Arora.