How many investments has Elevar Equity made?

Elevar Equity has 37 tracked investments, 1 of which have exited, including 2 dated in the last 24 months.

What stage does Elevar Equity invest at?

Elevar Equity invests at the Pre-Seed, Seed, Series A, Growth, Late Stage stages.

What is Elevar Equity's typical check size?

Elevar Equity typically writes checks of $1M – $10M.

Where is Elevar Equity located?

Elevar Equity is headquartered in Bengaluru, IN.

Does Elevar Equity lead rounds?

Yes, Elevar Equity leads investment rounds.

Who does Elevar Equity co-invest with?

Elevar Equity most often shares deals with Accel, Ceniarth, Stride Ventures, among 3 tracked co-investors.

Elevar Equity

Impact investoroperating company · company profile

Bengaluru · Pre-Seed–Late Stage · 19 people tracked

Also known as ELEVAR EQUITY MANAGEMENT LTD.

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Find your way into Elevar Equity

2,674 people in our graph share verified history with the Elevar Equity team — schools, employers, funds. One of them is your warm intro.

Damir Becirovicunlockedknows Amie Patel · together at Goldman Sachs (overlapped)

×4knows the team · via Goldman Sachs

×2knows the team · via University of Buenos Aires

×2knows the team · via University of California, Berkeley

knows the team · via University of California, Berkeley, Haas School of Business

×2knows the team · via Stanford University Graduate School of Business

✨ Fox Verdict

Investment thesis

Elevar Equity invests in companies that deliver essential products and services—financial protection, healthcare, and commerce enablement—to underserved 'Entrepreneurial Households' and informal workers in emerging markets. Its portfolio targets structural gaps such as low insurance penetration, limited access to affordable primary healthcare in rural areas, and the digital enablement of micro, small, and medium enterprises. The firm favors tech-led, 'phygital' models that build on existing trust and last-mile distribution networks to reach large, previously unserved populations across markets like India, Argentina, and Brazil.

Invests inAgTech Digital Health E-commerce EdTech Fintech Healthtech Impact & Social Good InsurTech MarketplacesSector AgnosticArgentina Bengaluru Brazil Colombia Global India Latin America Mexico Seattle

Source: firm website, verified Sep 15, 2026.

Stage

Pre-Seed–Late Stage

Check

$1M – $10M

Bengaluru, Washington, IN

Leads rounds

Leads

Instruments

Equity

Founded

2006

AUM

$165M

VC funds

Tracked investments

Unicorns

Acquisitions

Team · 19 people

from the firm's website & curated & public directories

Brajesh Mishra· Bengaluruin

Chris Brookfield

One of the original founders of Elevar Equity.

Johanna Posada· Founder and Managing Partner· Mexico Cityin

Johanna Posada is Founder and Managing Partner at Elevar Equity, which she founded in 2008, and a founding team member at EPIC World. She leads the firm's investing strategy in Latin America, overseeing sourcing, underwriting, and portfolio management from the Mexico City team while supporting the India investing team. She graduated in Economics from ITAM and earned an MBA from Stanford University, and previously worked as an economist at the Central Bank of Mexico, a senior financial specialist at ExxonMobil, and at Unitus, focusing on microfinance and emerging markets investing.

j•••@elevarequity.comreveal

Maya Chorengel

One of the original founders of Elevar Equity.

Sandeep Farias· Founder and Managing Partner· Bengaluru, Karnataka, Indiain 𝕏

Sandeep Farias pioneered the entrepreneurial households thesis, backing 40–50 million micro-entrepreneurial families in underserved emerging markets and created the Low ARPU, High Wallet Share framework for essential recurring household services.

s•••@elevarequity.comreveal

Steve Hardgrave· Bengaluruin

Steve Hardgrave co-founded Varthana, a company that provides loans to affordable private schools in India, which he and Brajesh Mishra developed in 2013 out of Elevar Equity's Bangalore office. His background includes rural financial services and involvement in launching the Indian School Finance Company. Varthana has provided over 40,000 loans to more than 11,000 school entrepreneurs.

Amie Patel· Partner· New York City Metropolitan Areain

Amie Patel is a Partner at Elevar Equity, where she leads the firm's organizational and operating functions, including talent, strategy, business development, and LP and co-investor relations. She previously worked at Goldman Sachs Asset Management (which acquired Imprint Capital) on ESG and impact investing in emerging markets, the Soros Economic Development Fund on early to growth stage investments, and the Overseas Private Investment Corporation as an Investment Funds Officer, and began her career as an M&A analyst at Merrill Lynch and First Union Securities. She holds an MBA from Georgetown University and a BS in Business Administration from Washington University in St. Louis.

a•••@elevarequity.comreveal

Shobha Venkataraman· Partner· Bengaluru, Karnataka, Indiain

Shobha Venkataraman is a Partner at Elevar Equity, where she leads the firm's finance, fund administration, back office operations, compliance, and reporting. She has over 15 years of experience in private equity fund administration, having previously worked at Toucan Capital, PEF Services, and Treeline Business Solutions. She holds an MBA from Drexel University and a Master's in Commerce from the University of Madras.

s•••@elevarequity.comreveal

Matias Lanus· Investment Director· Buenos Aires, Buenos Aires Province, Argentinain

Matias Lanus is a Partner at Schroders Greencoat LLP, an investment firm focused on the renewable energy and energy efficiency sectors. The firm, which operates offices in London, Dublin, and Munich, invests in both private equity opportunities and large-scale infrastructure.

m•••@elevarequity.comreveal

Shikha Gupta· Investment Director· Bengaluru, Karnataka, India

s•••@elevarequity.comreveal

Michelle Yu· Venture Partner· Canadain

m•••@georgian.ioreveal

Aneesh Patnaik· Senior Advisor

Aneesh Patnaik is a Senior Advisor at Elevar with a background in strategic partnerships and talent acquisition, and is a founding member of EPIC World. He was previously a Partner at Vahura, a legal search and consulting firm, where he remains on the Advisory Board, and earlier practiced law in the chambers of Dr. Abhishek Singhvi, appearing before the Supreme Court of India and various High Courts. He holds a law degree from Symbiosis Law School, Pune.

Arpit Shah· Advisor· Mumbai, Maharashtra, Indiain

Arpit Shah is an Advisor at Elevar with over a decade of experience across private equity and consulting. He previously served as Senior Manager of Investor Relations at True North, an Indian private equity firm, and as a Manager at Grant Thornton India LLP, where he worked on deal valuations, structuring, and transaction analysis. He is a Chartered Accountant from The Institute of Chartered Accountants of India, has cleared CFA Level II, and holds a Bachelor of Commerce from Narsee Monjee College of Commerce and Economics, Mumbai University.

Dilip James· Senior Advisor· Bengaluru, Karnataka, Indiain

Dilip James has served as a Senior Advisor to Elevar Equity since 2022, bringing over 35 years of management experience in retail, distribution, and IT-enabled consumer and service businesses. He was previously a venture partner and strategic advisor at Accel, Executive VP & COO at Reliance Retail, and held CXO-level roles at RPG group companies Spencer and Saregama, where he helped establish early organized retail formats in India. He co-founded network infrastructure company Netsol, which was acquired by IBM Global Services in 2005, and holds a B.Tech in Electrical Engineering from IIT (BHU).

Jyotsna Krishnan· Managing Partner· Indiain

Jyotsna Krishnan coined India's unseen middle—a 300–400 million-person segment—and uniquely combines her managing partner role with being CEO of EPIC World, using household-mapping data to prioritize entrepreneurial households.

j•••@elevarequity.comreveal

Manish Dabir· Senior Advisor· Mumbai, Maharashtra, Indiain

Manish Dabir is a Senior Advisor at Elevar with roughly three decades of experience in the financial sector, covering capital formation, investment strategies, and corporate finance. He has held senior roles at global investment banks including Goldman Sachs, JP Morgan, and CLSA, and at the Aditya Birla Group, with experience across equity, debt, mezzanine, and structured finance. He holds a Bachelor of Commerce with honours from Shri Ram College of Commerce.

R. Ramaraj· Senior Advisor· India

Ramaraj is an entrepreneur with ventures in IT, cellular technology, and the Internet, most recently co-founding and serving as CEO of Sify, the first Indian Internet company to list on NASDAQ. Before joining Elevar as Senior Advisor in 2014, he was a Senior Advisor at Sequoia Capital. He holds a B.Tech in Chemical Engineering from the University of Madras and an M.B.A. from the Indian Institute of Management, Calcutta.

Vipul Rawal· Partner· Indiain

Vipul Rawal is a Partner at Elevar Equity and a founding team member at EPIC World, leading the firm's work in India and Latin America on customer data and insights, portfolio analytics, fund performance tracking, and market intelligence. He has over 16 years of experience across agri commodity trading, emerging markets investing, and investment banking. Before Elevar, he managed a fund at Tholons Capital and worked in Goldman Sachs's Investment Banking Division within the Financial Institutions Group. He holds an MBA in Finance and Marketing and a B.Sc. in Physics, Mathematics, and Electronics.

v•••@elevarequity.comreveal

Ramaraj R· Senior Advisor· Indiain

Serial entrepreneur who co-founded and led Sify, India's first internet company listed on NASDAQ; senior advisor at Elevar Advisors and first Indian on the ICANN board.

Founder mafia

4 people who came through Elevar Equity went on to found or lead other companies.

Sandeep FariasFounder and Managing PartnerFounded Elevar Equity Vipul RawalPartnerFounded EPIC Steve HardgraveFounded Varthana Brajesh MishraFounded Varthana

What they invest in

from 25 of 37 portfolio companies

Fintech ×16AI & Machine Learning ×7Impact & Social Good ×7SaaS ×6Consumer ×4EdTech ×4E-commerce ×3HR Tech ×3

HQs:India×14United States×3Brazil×2Mexico×2Uruguay×1

Investments · 37 tracked

founders shown can be your intro path

By year:2025 · 1 2024 · 2 2023 · 1 2022 · 2 2021 · 3 2020 · 3 2017 · 1 2011 · 114 dated

Tapfintapfin.in in 𝕏Seed · Mar 2024 · $4M✓ verified

TapFin is an AI-native data intelligence, risk management, and lifecycle management platform for India's electric vehicle ecosystem, serving lenders, OEMs, and fleet operators.

AI & Machine LearningFintechMobility & TransportationMumbai, IN

Aditya Singh(Co-founder & CEO)Terniza Berry(Co-founder & COO)

Nithionithio.com in 𝕏Aug 2020SEC filingmedium confidence

Nithio provides a risk analytics engine and AI models that assess household-level credit risk, structure financing, and monitor portfolio and impact performance for climate solutions.

AI & Machine LearningCleantechClimate TechEnergyFintechImpact & Social GoodWashington, US

Hela Cheikhrouhou(Executive Officer, Director)

Board Bobby J. Pittman(Director)inQueen Nworisara-Quinn(Director)

Board seatMaya Chorengel· per SEC Form D · $7.1M raise · filed Jan 2021

Co-investorsKupanda Capital Shell Foundation Emerson Collective Investing FMO

Varovaromoney.com in 𝕏Jan 2025SEC filingmedium confidence

Varo is a digital bank offering FDIC-insured deposits, no-fee checking accounts, early direct deposit, credit-building cards, and cash advances to U.S. consumers.

FintechSan Francisco, US

Colin Walsh(Director)in Gavin Michael(CEO)inRishi Oberoi(Executive Officer)Marina Gracias(Executive Officer)inElizabeth Gilson(Executive Officer)

BoardDavid Coulter(Director)

Board seatMaya Chorengel· per SEC Form D · $155M raise · filed Feb 2026

Co-investorsDeclaration Partners Evolution VC Partners Gallatin Point Capital InvestX Next Legacy Partners PROOF +5 more

Bankinglybankingly.com in 𝕏

Bankingly provides a SaaS digital banking platform for banks, credit unions, and regulated financial institutions, offering digital channels, onboarding, payments, AI-based fraud prevention, and compliance tools on an API-first architecture.

AI & Machine LearningFintechSaaSMontevideo, UY

Martin Naor(Founder)in

Co-investors2080 Ventures Dalus Capital FINCA Ventures Kube VC First Check Ventures SixThirty Ventures

Cloudphysiciancloudphysician.net in 𝕏Seed · Oct 2021 · $4M

Cloudphysician provides AI-enabled virtual critical care infrastructure that analyzes live video, patient vitals, and EMR data in real time to guide ICU care teams and support clinical decisions.

AI & Machine LearningDigital HealthHealthtech

Covaltocovalto.com in 𝕏

Covalto is a digital bank in Mexico that provides business financing, investment products, and liquidity solutions for companies.

FintechMexico, MX

Co-investorsHi Ventures IGNIA Kaszek Ventures Point72 Ventures QED Investors Yolo Investments +3 more

Coverfoxcoverfox.com in 𝕏

Coverfox offers insurance comparison and distribution across India, letting individuals compare motor and health plans from IRDAI-approved insurers while providing embedded insurance solutions for lenders, NBFCs, and fintechs to protect borrowers, employees, and business operations.

FintechInsurTech

Sanjib Jha(Founder)in

Co-investorsAccel Catamaran Ventures IFC

CreditMantricreditmantri.com in 𝕏

CreditMantri operates an online platform that builds a user's credit profile using credit bureau data (Equifax) and non-traditional sources, then uses a proprietary matching engine to pair borrowers with lenders whose criteria they meet.

AI & Machine LearningConsumerFintechMarketplacesChennai, IN

Gowri Thyagarajan Mukherjee(Founder)inRanjit Punja(Founder)in

Co-investorsAccion Quona Capital Trifecta Capital Advisors Accion Venture Lab IDG Ventures India

Curebaycurebay.comSeries A · Nov 2022 · $6M

CureBay is an online healthcare platform in India offering genuine medicine delivery, lab test bookings, and doctor consultations.

ConsumerDigital HealthHealthtechBhubaneswar, IN

Priyadarshi Mohapatra(Founder)

Co-investorsStride Ventures

EPICepicworld.com in 𝕏

EPIC World is an investment and advisory platform that provides data-driven insights and tailored investment strategies to support undercapitalized companies serving entrepreneurial households.

FintechImpact & Social Good

Vipul Rawal(Founder)in

Fairplaygetfairplay.com in

Fairplay provides financing for businesses and announced it obtained ISO 27001 certification for information security and customer data protection.

Fintech

Manolo Atala(Founder)in Andrew James Devlyn(Founder)in

Co-investorsDila Capital

Finxpertfinxpert.org in 𝕏

A skilling company providing corporate learning solutions and employment readiness programs for the banking, financial services, and insurance sector in India.

EdTechFintechHR TechMumbai, IN

Himanshu Vyapak(CEO FinX | MD CIEL)

Galenagalena.com in

Galena is a learning experience orchestration platform for Brazilian enterprises that integrates internal and external learning resources under a unified skills framework and uses AI to deliver personalized development plans aligned with strategic priorities.

AI & Machine LearningHR TechSaaS

Co-investorsOwl Ventures Altos Ventures Globo Ventures Reaction

Glocal Healthcareghspl.comSeed · Jan 2011 · $3M

Incredincred.com in 𝕏

InCred Finance is the consumer and MSME lending arm of the InCred Group, offering loan products to borrowers.

FintechMumbai, IN

Bhupinder Singh(Founder)

Jüstojusto.mx inAcquired

Jüsto is a fully digital supermarket in Mexico that sells groceries, including daily-fresh produce, directly to consumers online without physical stores.

B2B MarketplacesConsumerE-commerceFoodTech

Ricardo Weder(Founder)in Ricardo Martinez Finger(Founder)in

Co-investors500 Global AgFunder FEMSA Ventures Flucas Ventures HTwenty Jazzya Investments +1 more

Leadschoolleadschool.in in 𝕏

LEAD provides end-to-end academic and marketing solutions for schools in India, focusing on school growth and management.

AI & Machine LearningEdTechMarketing TechSaaS

Co-investorsGood Capital GSV Ventures Investopad

Niania.one

Nia builds continuity infrastructure for migrant workers in India, providing systems that help them preserve income, savings, and social connections across job transitions and relocations.

FintechFuture of WorkHR TechImpact & Social GoodSaaSBangalore, IN

Sachin Chhabra(Founder & CEO)Lt Col Pushkar Raj (Retd)(Co-Founder & COO)

Nironiro.moneySeed · Oct 2021 · $3M

Co-investorsGMO VenturePartners

Nuvemshopnuvemshop.com.br in 𝕏

Nuvemshop is an e-commerce platform that lets brands build and customize online stores with a modular AI-integrated editor and prebuilt layouts.

E-commerceRetail TechSaaS

Santiago Sosa(Founder)in

Co-investorsAccel FirstMark Capital Harmony Partners IGNIA Insight Partners Kaszek Ventures +5 more

Origaleasingorigaleasing.com in 𝕏

Co-investorsKeiretsu Forum

Peepul Treepeepultree.world in 𝕏Seed · Jan 2023 · $6M

Peepul Tree is a handcrafted home goods and homeware retailer offering artisanal products including brass tableware, textiles, and home décor with South Indian design heritage.

ConsumerDirect to ConsumerE-commerceImpact & Social GoodMarketplaces

Samunnatisamunnati.com in 𝕏

Samunnati is an Indian agri enterprise that strengthens the agricultural value chain by combining trade, embedded finance, and climate-smart services for smallholder farmers, farmer producer organizations, agri-enterprises, and SMEs.

AgTechFintechImpact & Social Good

Anilkumar SG(Founder)in

Co-investorsAccel Ceniarth Alteria Capital Anicut Capital Credit Saison Equitane +1 more

Sarvagramsarvagram.comSeed · Feb 2020 · $3M

Utpal Isser(Founder)inSAMEER MISHRA(Founder)in

Co-investorsElevation Capital Peak XV Partners

Securenowsecurenow.in in 𝕏

SecureNow offers product liability insurance for manufacturers, distributors, and retailers that covers legal liabilities, defense costs, and claims arising from defective products or product-related injuries and property damage.

Enterprise SoftwareFintechInsurTechSaaSIndia, IN

Kapil(Co-founder & CEO)Abhishek(Co-founder and Principal Officer)

Strideonestrideone.in inSeed · May 2022 · $32M

StrideOne is a tech-enabled financial services platform that provides customized financing solutions to MSMEs and supply chain partners of startups in India.

Enterprise SoftwareFintechIndia, IN

Thebetterindiathebetterindia.com in 𝕏

This is a media/editorial author page for The Better India, a digital publication focused on positive social impact stories.

Impact & Social GoodMedia & EntertainmentSocialBangalore, IN

Dhimant Parekh(Founder)Anuradha Parekh(Co-Founder)

Ticmasticmas.com in

Ticmas provides digital educational solutions for schools, educational networks, and government ministries seeking to innovate their teaching models.

EdTech

Varthanavarthana.com in 𝕏

Varthana provides debt financing and operational support to affordable private schools across India to expand their facilities and improve educational quality.

EdTechFintechImpact & Social GoodBengaluru, IN

Brajesh Mishra(Co-founder)in

Co-investorsAccion Blue Earth Capital AG Blue Haven Initiative Ceniarth Kaizenvest Symbiotics +1 more

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

GTV GlobokasnetLinked Store Cayman Ltd.BikebazaarFinaeFinXIndifiKamatanLEAD

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Portfolio news

latest coverage across their companies

Nithio FAIR – Facility for Adaptation, Inclusion, and Resilience - GET.invest

Nithio · get-invest.eu · Sep 9, 2026

Varthana of Bengaluru raises $2.5 million for education loans through a social bond

Varthana · siliconindia.com · Mar 3, 2026

Clara Announces USD 70 Million in Debt Financing to Support Growth of Payments Products in Mexico and Colombia | Financial IT

Covalto · financialit.net · Dec 1, 2025

Samunnati raises ₹50 Cr via Wintwealth, total agri-finance funding reaches ₹160 cr - The Hindu BusinessLine

Samunnati · thehindubusinessline.com · Jun 2, 2025

Grant funding reinstated for Galena’s history museum | Museums | galenagazette.com

Galena · galenagazette.com · May 6, 2025

Frequently asked questions

How many investments has Elevar Equity made?: Elevar Equity has 37 tracked investments, 1 of which have exited, including 2 dated in the last 24 months.
What stage does Elevar Equity invest at?: Elevar Equity invests at the Pre-Seed, Seed, Series A, Growth, Late Stage stages.
What is Elevar Equity's typical check size?: Elevar Equity typically writes checks of $1M – $10M.
What sectors does Elevar Equity focus on?: Elevar Equity focuses on AgTech, Digital Health, E-commerce, EdTech, Fintech, Healthtech, Impact & Social Good, InsurTech, Marketplaces, Sector Agnostic.
Where is Elevar Equity located?: Elevar Equity is headquartered in Bengaluru, IN.
Does Elevar Equity lead rounds?: Yes, Elevar Equity leads investment rounds.
Who does Elevar Equity co-invest with?: Elevar Equity most often shares deals with Accel, Ceniarth, Stride Ventures, among 3 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Emprender para Ayudar a la Gente de Bajos Recursos de LatAm | Johanna Posada, Elevar Equity

Startupeable con Enzo Cavalie · Johanna Posada

FINNOSUMMIT México 2019 - Entrevista: Johanna Posada (Co Founder & Managing Director, Elevar Equity)

Finnosummit · Johanna Posada

Johanna Posada, Elevar Equity: Driving Impact in Latin America via Venture Capital, Ep 79

Nathan Lustig · Johanna Posada

CASE Chats: Maya Chorengel, Elevar Equity

Duke University - The Fuqua School of Business · Maya Chorengel

Johanna Posada, Elevar Equity | Keiretsu Impact Investment

Keiretsu Forum Impact Investment · Johanna Posada

Images

Co-investors · 5

Accel

Accel is a venture capital firm that partners with exceptional teams, positioning itself as a first partner to founders globally.

Both backed · 5

Coverfox Nuvemshop SamunnatiIndifiLinked Store Cayman Ltd.

$1.6M – $70M

Kaszek Ventures

Kaszek is an investment firm run by tech entrepreneurs that partners with founders across Latin America, providing capital along with hands-on expertise in strategy, operations, team-building, growth, technology, and fundraising.

Both backed · 3

Covalto NuvemshopLinked Store Cayman Ltd.

Qualcomm Ventures

Qualcomm Ventures is the corporate venture investment arm associated with Qualcomm, backing technology companies from early to growth stage across multiple sectors.

Both backed · 2

NuvemshopLinked Store Cayman Ltd.

$5M

IGNIA

IGNIA is an early-stage venture capital firm focused on empowering visionary tech entrepreneurs in Latin America who can drive industry disruption and economic growth through technology-enabled solutions.

Both backed · 2

Covalto Nuvemshop

$100K – $5M

Trajectory Ventures

Trajectory Ventures invests in and partners with innovative founders and companies driving digital transformation, while also providing advisory, growth marketing, financing strategy, and M&A support.

Firms observed investing alongside Elevar Equity, from public investor directories. Shared companies are the overlap with Elevar Equity's recorded portfolio.

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