A Special Purpose Acquisition Company (SPAC) is all set to take the Indian unicorns public in the US.
The SPAC’s board belongs to startup and investing ecosystem including Paytm’s Vijay Shekhar Sharma, co-founder of Dream11, former SoftBank investor Kabir Misra, who now runs RPS Ventures, Neeraj Arora, the former global business head of WhatsApp and Vivek Mathur, operating partner at Elevation Capital.
Ravi Adusumalli, founder of Elevation Capital (formerly SAIF Partners) and Shashin Shah, portfolio manager at Think Investments have come together to form the new entity.
After going public, SPAC will then look for private companies to invest in.
Adusumalli is India’s reputed venture capitalists and one of the earliest Paytm backers.
Think Elevation Capital Growth Opportunities is planning to raise $225 million in the IPO, as per a filing with the US Securities and Exchange Commission.
“Our business strategy is to identify and acquire a company with ties to the Indian technology ecosystem, a strategy that complements the experience of our sponsor, management team and directors and can benefit from their experience and expertise,” the filing said.
SPACs have been a craze in America as it is a hassle-free procedure that allows companies to go public.