New Delhi, Apr 8 (IANS): Leading venture capital firm Elevation Capital on Friday announced its eighth $670 million fund for early-stage startups in India and to help their founders realise their dreams.

Over the past two decades, the company has invested almost $2 billion of capital in over 150 companies across seven funds, with 13 early-stage investments becoming unicorns.

These include category leaders such as Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company, Xpressbees and several others.

With the $670 million Fund VIII, the VC said in a statement that it will once again focus on the seed/Series A stage as its core.

According to the company, its investment pace has been accelerating and went up by 100 per cent in the past 12 months.

The firm has to date invested in over 150 companies across consumer internet, SaaS, fintech, consumer brands, edtech, healthtech and Web3/Crypto, and has offices in Bengaluru, Gurugram and Salt Lake City in the US.

"Fund VIII will allow us to demonstrate a greater commitment to exceptional founders with a larger initial investment and continued support to them until much later in their journeys," said the VC.

Elevation (earlier SAIF Partners) first started investing in India 20 years ago.

India's equity market capitalisation is already the fifth-highest in the world, at $3.2 trillion, and is expected to approach $10 trillion over the next 10 years.

"We have just scratched the surface of India's tech potential. The 100 unicorns in India alone have a combined valuation of $240 billion. We believe that this will grow over 10x over the next decade and Indian tech companies will have more than $2 trillion of market cap," said the company.

The firm is led by co-managing partners Ravi Adusumalli and Mukul Arora, along with three managing directors Mridul Arora, Deepak Gaur and Mayank Khanduja.