SAIF Partners has raised $400 mn for a new fund to back more early-stage startups and rebranded the firm as Elevation Capital. SAIF Partners started investing in Indian startups 18 years ago. Its first high-profile investment was Sify. The firm, which backed 100 startups so far, has seven unicorns in its portfolio — One97 Communications, Swiggy and Unacademy. It’s over 15 startups — Urban Company, Acko, Capital Float, and NoBroker are projected to become a unicorn.