Mayank Khanduja steps down as partner at Elevation Capital after 15-year stint

Mayank Khanduja

• Mayank Khanduja steps down as partner at Elevation Capital after nearly 15 years
• He will remain on boards of several Elevation-backed companies and startups
• Khanduja plans to take a break before pursuing new opportunities

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Mayank Khanduja has stepped down as partner at Elevation Capital, ending a nearly 15-year association with one of India’s most influential early-stage venture capital firms.

Khanduja announced the development in a LinkedIn post, calling his time at Elevation an “incredibly fulfilling journey”. He joined the firm in 2011, when India’s startup ecosystem was still emerging, and went on to invest across multiple sectors and market cycles.

Nearly 15 years at Elevation

During his tenure, Khanduja rose through the ranks at Elevation Capital, starting as an investment professional before being promoted to vice president, principal and, eventually, partner in August 2020.

In recent years, he has been based in Bengaluru and focused on investments spanning consumer technology, gaming, healthcare, artificial intelligence, deep tech and advanced manufacturing.

“These past 15 years have given me the chance to work with some truly incredible founders who have taught me so much about resilience and grit,” Khanduja said in the post, while also thanking Elevation founder Ravi Adusumalli and his fellow partners for the opportunity to contribute to the firm’s growth.

Board seats and investor roles

According to his LinkedIn profile, Khanduja continues to hold several board and investor roles across Elevation-backed companies and newer ventures. He currently sits on the boards of ShareChat, NoBroker.com, AppsForBharat, Loop and Atlys, and is also a board member at M | O | C Cancer Care & Research Centre.

He is listed as an investor at startups including Seekho, Jeh Aerospace and Synthio Labs, indicating continued involvement with early- and growth-stage companies following his exit from the partnership.

Career before venture capital

Before joining Elevation Capital, Khanduja spent over five years at McKinsey & Company as an engagement manager, advising top management teams across telecom, consumer electronics and IT and IT-enabled services.

In his LinkedIn post, Khanduja said the decision would allow him to spend more time with his family, adding that he plans to take a break over the next few months before exploring new opportunities. Elevation Capital has not announced any changes to its partnership structure following his departure.