Latest news with #ElevationCapital
Mint
2 days ago
- Business
- Mint
English learning startup SpeakX looks to raise $15 million
English language learning startup SpeakX is looking to raise a new round of capital of up to $15 million, two people familiar with the matter told Mint. Existing investor Elevation Capital has already closed its cheque to the company, they added. Other participants include US-based consumer tech VC firm Goodwater Capital and global investment firm WestBridge Capital. 'The company is raising money because building their AI requires significant capital,' one of the two people said. SpeakX, a voice-first learning platform that uses AI to teach conversational English, will use the funds primarily for expanding its engineering team and product development, especially in agentic artificial intelligence (AI). 'Personalization is what they're going for, which is why they need custom AI agents for every user,' the person added. The edtech operates on a subscription model, charging users ₹ 300 per month. Many of its users come from tier-2 and tier-3 cities, and it sees a lot of traction from users in lower-income groups. The company claims to be profitable with annual recurring revenue of $7 million and an Ebitda run rate of $3 million. Ebitda is short for earnings before interest, taxes, depreciation, and amortization. People from India's smaller cities are gravitating towards learning English for better job opportunities, especially as multinational companies set up global capacity centres in satellite towns. This will be SpeakX's first fundraising since its 2023 pivot to English language learning from being a hobby classes platform, YellowClass, for 3- to 12-year-old children. Its founder, Arpit Mittal, had raised a total of $7.3 million: $1.3 million in seed funding led by India Quotient and then a $6 million Series-A round led by Elevation Capital with participation from Titan Capital and First Cheque, according to startup data intelligence platform Tracxn. This is Mittal's third run as a founder, having previously founded property search platform Roofpik and edtech startup Edcited, which was acquired by Co-Cubes, an online assessment and hiring company. Even though edtech as a sector has been experiencing a downturn in the wake of Byju's collapse and Unacademy's struggles, venture capital is increasingly betting on personalized education with AI. Recently, voice-first tutor Stimuler raised $3.5 million in a pre-Series A funding round led by Lightspeed and SWC Global. Edtech startup secured $9.5 million in seed funding from The House Fund and GSV Ventures. In fact, the latter had told Mint in December 2024 that it was warming up to Indian edtech companies once more.
Economic Times
2 days ago
- Business
- Economic Times
VCs on AI flight to valley
ETtech Indian venture investors are setting up shop in San Francisco, the AI epicenter, as they chase cutting edge development of the technology and aim to spot the next wave of AI trends. Multiple Indian venture capital companies, such as Elevation Capital and Peak XV, have set up shop at AI epicenter, San Francisco, in the US to tap into the booming industry. In addition to this, investors are spending more time in San Francisco or SF as it is called, as the pace of AI development grows unabated in the region. Elevation Capital recently hired Capillary Technologies cofounder and former Meta executive Krishna Mehra, as the AI partner, with more people from the team spending significant time in the US. Peak XV has set up an office in SF, and has hired Arnav Sahu, former Y Combinator principal, to drive investments. Blume Ventures' managing partner Sanjay Nath is spending time in San Francisco and India. ET has also learnt that VC firm Z47 is looking to expand its presence in San Francisco, in the US. The email sent to the company did not elicit any response till the time of Mehra, AI Partner, Elevation Capital, who is based in Palo Alto, quipped that it is now easier to meet a VC in the Valley than in Bengaluru. 'I end up meeting more people from the investment community there,' he are a few things driving this. SFO playbookMehra explained that this is a combination of more action happening in the US and the need to be closer to understand what is happening in the region and where the buck is going. 'There is a lot of cross border action happening as well, which being there helps to a certain extent,' he added. Two Bengaluru-based investors ET spoke to said that they are travelling to the US more often to understand how the technology is evolving. 'Travelling there iseye-opening in terms of what is happening in AI and the kind of talent density that is available there,' one of the investors Krishna, founder, Inkle, a US accounting and tax automation startup, said this is happening globally as well. For instance, he highlighted that a global accelerator, which had originally encouraged founders to start the company wherever they were, is now encouraged to move to the US.'Their original pitch was that build wherever you are, talent is everywhere and sit anywhere in the world. This was 10 years ago,' Krishna said.'This is because the early-stage AI startup has centralised itself to San Francisco city, which has become centre of gravity for startups and foundational model companies. This has eroded Silicon Valley's relative historical dominance over SF, as thousands moved to or launched in the city,' he explained. This includes OpenAI and Y Combinator companies that are in SF that have created a concentration of talent in the region resulting in a vibrant AI ecosystem, attracting investors, startups and techies. 'Now you will see entrepreneurs and investors all over the world making pilgrimages to SF every six to 12 months,' Inkle's Krishna says. What are investors doing in the US?Indian investors have been investing aggressively in the AI space in recent times. With a lot of startups in the AI space moving to the US, it is also becoming important for investors to help them with the networks. ET had earlier reported that a number of AI startups such as and Composio have moved to SF to tap into this ecosystem. Early this year, Sarvam AI, which is building an Indic foundational model, launched Sarvam Labs in the Bay Area in the US in March in LightSpeed office in Menlo Park, Andra, managing director, Endiya Partners, who has been spending 3-4 months a year in the US, said, 'They (portfolio startups) need connections and networks. So, helping them becomes very important,' he said. But he does not see himself spending more than that in the Capital's Mehra said that in the last two years they have invested in 15-20 companies, compared to the norm of five or six before, primarily driven by AI. 'There is a lot of potential to build category leading companies, some of them in India. But some of them are easier to do in the US. That is why founders are moving early, and the pool is much larger. This might change in five years,' he said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. 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Time of India
2 days ago
- Business
- Time of India
VCs on AI flight to valley
Academy Empower your mind, elevate your skills ETtech Indian venture investors are setting up shop in San Francisco, the AI epicenter, as they chase cutting edge development of the technology and aim to spot the next wave of AI Indian venture capital companies, such as Elevation Capital and Peak XV , have set up shop at AI epicenter, San Francisco, in the US to tap into the booming addition to this, investors are spending more time in San Francisco or SF as it is called, as the pace of AI development grows unabated in the Capital recently hired Capillary Technologies cofounder and former Meta executive Krishna Mehra, as the AI partner, with more people from the team spending significant time in the US. Peak XV has set up an office in SF, and has hired Arnav Sahu, former Y Combinator principal, to drive investments. Blume Ventures ' managing partner Sanjay Nath is spending time in San Francisco and has also learnt that VC firm Z47 is looking to expand its presence in San Francisco, in the US. The email sent to the company did not elicit any response till the time of Mehra, AI Partner, Elevation Capital, who is based in Palo Alto, quipped that it is now easier to meet a VC in the Valley than in Bengaluru. 'I end up meeting more people from the investment community there,' he are a few things driving explained that this is a combination of more action happening in the US and the need to be closer to understand what is happening in the region and where the buck is going. 'There is a lot of cross border action happening as well, which being there helps to a certain extent,' he Bengaluru-based investors ET spoke to said that they are travelling to the US more often to understand how the technology is evolving. 'Travelling there iseye-opening in terms of what is happening in AI and the kind of talent density that is available there,' one of the investors Krishna, founder, Inkle, a US accounting and tax automation startup, said this is happening globally as well. For instance, he highlighted that a global accelerator, which had originally encouraged founders to start the company wherever they were, is now encouraged to move to the US.'Their original pitch was that build wherever you are, talent is everywhere and sit anywhere in the world. This was 10 years ago,' Krishna said.'This is because the early-stage AI startup has centralised itself to San Francisco city, which has become centre of gravity for startups and foundational model companies. This has eroded Silicon Valley's relative historical dominance over SF, as thousands moved to or launched in the city,' he includes OpenAI and Y Combinator companies that are in SF that have created a concentration of talent in the region resulting in a vibrant AI ecosystem , attracting investors, startups and techies. 'Now you will see entrepreneurs and investors all over the world making pilgrimages to SF every six to 12 months,' Inkle's Krishna investors have been investing aggressively in the AI space in recent times. With a lot of startups in the AI space moving to the US, it is also becoming important for investors to help them with the had earlier reported that a number of AI startups such as and Composio have moved to SF to tap into this this year, Sarvam AI, which is building an Indic foundational model, launched Sarvam Labs in the Bay Area in the US in March in LightSpeed office in Menlo Park, Andra, managing director, Endiya Partners, who has been spending 3-4 months a year in the US, said, 'They (portfolio startups) need connections and networks. So, helping them becomes very important,' he said. But he does not see himself spending more than that in the Capital's Mehra said that in the last two years they have invested in 15-20 companies, compared to the norm of five or six before, primarily driven by AI. 'There is a lot of potential to build category leading companies, some of them in India. But some of them are easier to do in the US. That is why founders are moving early, and the pool is much larger. This might change in five years,' he said.
Time of India
2 days ago
- Business
- Time of India
AppsForBharat raises Rs 175 crore to deepen temple-tech infra
Bengaluru: AppsForBharat, the parent company of the devotional platform Sri Mandir, raised Rs 175 crore led by Susquehanna Asia Venture Capital. Existing investors, including Nandan Nilekani's Fundamentum, Elevation Capital, and Peak XV Partners, also participated. The company said the funds will be used to scale operations across over 20 temple towns, including Ayodhya, Varanasi, and Ujjain. Plans include expanding logistics and fulfilment infrastructure for the delivery of prasad and ritual goods, strengthening the services and commerce stack, and developing AI tools to personalise and simplify user experiences. Sri Mandir, which has over 4 crore downloads, allows users to book pujas and offerings online, stream devotional content, and receive temple prasad at home. In the past year alone, 12 lakh devotees conducted 52 lakh online pujas and chadhavas at 70 temples via the app. Nearly 20% of demand comes from the Indian diaspora in the US, UK, UAE, Canada, Australia, and New Zealand. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru The company said digital engagement helped temples improve both reach and revenues. In temple towns such as Ujjain, Uttarakhand, and Tirunelveli, it reported increased devotee participation and footfall, while online puja bookings contributed an additional 25-30% to temple earnings. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo At the Mahakumbh Mela 2025, Sri Mandir partnered exclusively with the Vedashram Trust, enabling 3 lakh users to access services digitally. AppsForBharat said it plans to ramp up local hiring in temple towns to operate fulfilment hubs and expand temple partnerships. On the user side, it is developing AI features to support navigation, queries, and ritual guidance. "With this fundraise, we are entering the next phase of growth – scaling temple partnerships, improving digital infrastructure, and building AI capabilities," said Prashant Sachan, founder and CEO. "We've not only improved access and convenience for devotees, but also created consistent income opportunities for priests and vendors who traditionally relied on seasonal footfall." Founded in 2020, AppsForBharat is backed by a team that includes former operators and investors from Flipkart, Matrix Partners, Elevation Capital, and Airblack.
Economic Times
5 days ago
- Business
- Economic Times
Elevation Capital raises Wakefit stake in run-up to IPO; buys Rs 32 crore employee shares
Venture capital firm Elevation Capital, which owns nearly 5% stake in the initial public offering (IPO)-bound mattress and furniture retailer Wakefit, acquired shares worth Rs 32.5 crore this year from the company's current and former employees in the months leading up to the company filing its draft papers. These 203,426 shares, which Elevation Capital bought at Rs 1,600 apiece, were allotted to Wakefit employees under the company's 2019 employee stock option plan (Esop), according to its draft prospectus filed on Friday. Under the Esop 2019 programme, Wakefit had granted a total of 8.4 million stock options, of which 4.5 million vested to date, and 413,271 have been exercised, it said in the prospectus. Wakefit filed its draft red herring prospectus (DRHP) on Friday for the IPO through which it will raise Rs 468 crore in fresh capital. The IPO also comprises an offer-for-sale (OFS) component that will see 58.4 million shares being sold by investors. Notably, Elevation Capital is not participating in the OFS component. Wakefit had facilitated an Esop buyback of Rs 15 crore in 2021 as well, which had benefitted 15-20 employees at the time. Esop buyback programmes typically result in companies facilitating secondary purchases of vested stock options by external investors. In some cases, the companies buy these securities back from their employees. On June 24, software-as-a-service (SaaS) firm Darwinbox bought back Rs 86 crore worth of shares from its employees. Over the last year, several other new-age companies, including IPO-bound at-home services platform Urban Company, society management app Mygate, ecommerce firm Meesho, edtech startups Classplus and Adda247, and managed healthcare provider Even Healthcare, have concluded Esop buybacks. Elevation Capital did not respond to queries sent by ET. Wakefit founder Chaitanya Ramalingegowda said in response to a text message, 'We will be unable to comment on the same.'Wakefit, founded in 2016 by Ankit Garg and Ramalingegowda, initially focussed on sleep products such as mattresses, pillows, and bed frames. Over time, it has expanded its portfolio to include a wide range of home products, including sofas, dining sets, wardrobes, study tables, and bookshelves.
