Elevation Capital has raised its largest India-dedicated fund at $670 million, it’s eighth such funding. This comes amid signs of a funding slowdown and slow growth, hurting technology investments and valuations globally. Elevation said it plans to use the fresh capital over a three-year time frame, unlike the previous fund, which was distributed among over 30 startups.

Elevation also said that it is now at an inflexion point. Elevation will continue to only invest in India, while most of the more considerable VC funds have expanded into Southeast Asia. “With a larger cheque, we can show more trust, even more than what we had in the past. This will help us write bigger cheques in the first round itself at the seed or Series A stage funding. It also enhances our ability to back portfolio companies much later in their journeys,” Mukul Arora, co-managing partner of Elevation Capital, said.