New Delhi, Jan. 22 -- Mayank Khanduja, a partner at homegrown venture capital firm Elevation Capital, has stepped down from his role after spending 15 years at the multi-stage investor.

The Gurugram-headquartered investment firm, formerly known as SAIF Partners, has been investing in India for over two decades and has backed more than 200 companies, including Paytm, Swiggy, Meesho, BookMyShow, Country Delight, Urban Company, and Acko.

"When I joined Elevation in 2011, the Indian startup ecosystem was just finding its rhythm, and I've been fortunate to witness it grow into one of the most vibrant and fastest-growing in the world," Khanduja said in a LinkedIn post. "I have had the unparalleled opportunity to work across spaces as diverse as consumer tech, gaming, healthcare, AI, deep tech and advanced manufacturing."

Khanduja, who focused on investments in consumer-tech, healthcare, and frontier tech at Elevation, joined the firm in 2011 as an investment professional. He was promoted to vice president in 2013 and principal in 2015. He became a partner in August 2020. Prior to Elevation, he worked as an engagement manager at McKinsey & Co.

His portfolio at Elevation includes ShareChat, PierSight, Atlys, AppsForBharat, NoBroker, PlaySimple, among others.

"This pause allows me to be present wholeheartedly for my family and give them all my time and attention that they so deserve. Over the next few months, I plan to recharge and come back refreshed for new adventures," he said.

The development comes days after VCCircle reported that Elevation Capital partner Vishal Sood is likely to team up with two former InCred Capital executives, Aditya Sood and Sugandhi Sud, to set up a new investment firm. Last year, another Elevation partner, Vivek Mathur, exited the firm after a 14-year stint.

Following Khanduja's exit, Elevation Capital's investment partners include co-managing partners Ravi Adusumalli and Mukul Arora, along with partners Mridul Arora, Chirag Chadha and Vaas Bhaskar, who were promoted in 2024. The firm also brought in Capillary Technologies co-founder Krishna Mehra in the same year as a partner to lead its AI investments.

Ramanuj Gopalan and Vaibhav Goel continue as partners overseeing legal and finance functions, respectively.

Published by HT Digital Content Services with permission from VC Circle.