KB Group, South Korea's largest financial services provider, partners with Elev8 Venture Partners as an anchor investor and Co-GP through its subsidiary KB Investment. KB has committed $100 million including co-investments, to the total fund size. KB investment is part of KB holdings which manages over $400 Bn of assets.
Prior to this, KB group has invested in companies like Pharmeasy, Spinny, Tracxn, Fareye, Rupeek, Vedantu, etc. Going forward, KB Group will work closely with Elev8 to identify investment opportunities in India's leading technology companies and to support Elev8 with portfolio management.
In a market environment where fundraising has been difficult, Elev8, through its strong value proposition has been able to get marquee anchor investors. This is especially relevant as very few Indian GPs have managed to get an anchor investor in their maiden fund.
KB's global experience, operational capabilities, and network of strategic relationships in multiple locations will assist Elev8's portfolio companies to expand their global presence and strengthen their products in markets where KB has already established a strong network through partnerships and investments.
KB shall work closely with the Elev8 team in not only identifying investment opportunities but also portfolio management. Given that over 54% of companies in the growth stage are looking to expand in SEA, Elev8 shall help the portfolio companies expand across SEA.
Eric Yoo, Executive Managing Director of KB investment, said,"We have spent over a year with diligence and concluded that Elev8's management team is by far the best team to invest at the growth stage." Their exceptional track record, prospective portfolio pipeline, and proprietary data algorithms have presented a strong proposition for us to join hands. Furthermore, Navin and the VCats group provide unprecedented access and network to early-stage startups, which will assist elev8 in future deal flow and investments.
Navin Honagudi, cofounder and MD of Elev8, said,"We are extremely excited to partner with KB investment. We believe their expertise in the SEA market will add value to growth-stage companies in our portfolio."
Anuj Golecha, the co-founder of Venture Catalysts, said, "We are working towards creating a strong Institutional investor base for Elev8. Given the LPs' overwhelming response, we are targeting a first close in the first quarter of next year, much ahead of our plan."
With recent events creating global capital distrust, the world's attention is sharpening to India's lucrative tech opportunities and the value that could be created, and we continue to believe in the fundamental growth of Indian markets, particularly the trend of consumption, technology, and earnings upgrade in emerging India. Moreover, we are now well-positioned to capitalise on further investment opportunities.