It’s that time of year again – when the world collectively gasps at how much happened in 12 short months. If you blinked, Nvidia went from a $1.2 trillion company at the start of this year to a $3.3 trillion one. AI is sprinting ahead, and by the time you’re done reading this, there’s probably a new model or product already rewriting the rules.

India feels even more different. Either quick commerce has reshaped how we live, or this new expectation of convenience has reshaped how products are sold to us. At this point, we don’t know if it’s groceries, gadgets, or a new startup that’ll show up at our doorstep in 10 minutes. Everything is AI-led, and everything is instant.

In the midst of this wild ride, we've spent 2024 doing what we do best: partnering with India's most audacious founders from Day One. We met thousands of founders and aspiring builders this year, welcomed 17 new companies to the Elevation family, and deepened our partnerships with 14 portfolio companies.

Most importantly, we reaffirmed our commitment to being the most effective company-building partner a founder could ask for through our new brand identity — "Built for the Audacious" — reflecting our mission to back founders who dare to dream bigger and create lasting impact.

Three Landmark IPOs

This year marked several historic milestones for our portfolio. Three of our companies went public, with each one serving as a reminder of the incredible founders we are privileged to partner with.

1. Swiggy: Under Sriharsha Majety's leadership, Swiggy has transformed India's relationship with convenience, first through food delivery and then pioneering quick commerce with Instamart. Their listing marked the largest tech IPO globally this year.
2. FirstCry: Supam Maheshwari and Amitava Saha's journey from reimagining baby products retailing with an omnichannel approach to building one of the largest and most-loved retail platforms in India showcases the power of customer obsession and execution excellence.
3. ixigo: Aloke Bajpai and Rajnish Kumar's persistence in transforming how India travels, especially serving the next billion users, demonstrates how category leaders emerge through customer-centricity and adaptability.

Strengthened Leadership

We expanded our partnership to better serve founders. Chirag Chadha and Vaas Bhaskar were elevated to Partners and Krishna Mehra joined us as our first AI Partner, strengthening our presence in Silicon Valley and deepening our commitment to founders building in the India-US corridor.

Midas Touch

We are proud to share that our Co-Managing Partner Mukul Arora received the prestigious Midas Touch Award at The Economic Times Startup Awards 2024. This recognition is a celebration of the true heroes of our ecosystem – the founders who trust us with their audacious visions.

2024 Sector Deep Dives

Beyond investments, we devoted significant energy to analyzing and sharing our perspectives on key trends shaping various sectors through our knowledge-sharing and ecosystem-building initiatives. Explore our comprehensive sector reviews below.

Speed, Scale, Success - three words that defined India's consumer tech landscape in 2024. From quick commerce setting a new benchmark for convenience to Indian consumers embracing paid digital experiences to landmark IPOs validating the ecosystem's maturity - 2024 proved that when you genuinely solve consumer problems, you win. Read here.

2024 has been an inflective year for India’s Consumer Brands landscape, where multiple enablers aligned to accelerate the growth of the next generation of brands catering to aspirational India. Read here.

2024 has been a year of interesting contrasts amid consistent progress for India's fintech and financial services ecosystem. While traditional financial services continued its steady compounding journey, fintech navigated a period of recalibration and is emerging stronger with clearer operating models. Read here.

2024 was the year AI moved beyond buzzwords to real business outcomes - a pivotal moment where innovation, infrastructure, and intent perfectly aligned. From AI becoming a strategic priority for enterprises worldwide to the rise of autonomous agents and India's unique advantage in AI services, this was a landmark year for the ecosystem. Read here.

2024 marked an exciting year of accelerating momentum for India's frontier tech ecosystem. Building on the foundations laid in recent years, we saw deep tech startups demonstrate growing commercial maturity across sectors. At nearly $1B, deep tech funding remained robust despite market headwinds, matching the entire 2015-2020 period combined. Read here.

2024 has been one for the books – and as we head into the new year, we’re more excited than ever to continue backing India’s boldest builders. We're grateful to all our founders, partners, and the broader ecosystem for an incredible 2024. We'd love to hear from you if you're building something audacious.

Here's to another year of innovation and impact!