Paytm and Swiggy investor Elevation Capital has raised a $500 million fund to back early-stage startups, betting that the next generation of AI-led companies will emerge from India even as global capital has disproportionately gravitated towards the US foundational models.Unlike Fund VIII, where Elevation invested across stages, the new vehicle will remain focussed on seed and series A investments. Later-stage bets will continue through its $400