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Elevation Capital partners with Think Capital to create a SPAC route for Indian startups




BENGALURU: Elevation Capital, previously known as SAIF Partners, has partnered with San Francisco-headquartered Think Investments LLC to launch a blank check company called Think Elevation Capital Growth Opportunity, focused on Indian tech companies wishing to register in the United States.

The new Special Purpose Acquisition Company (SPAC), filed a $ 225 million initial public offering (IPO) on March 19 with the United States Securities and Exchange Commission (SEC), offering 22.5 million share units at $ 10 each.

Read also | The invisible hand on the Indian stock market

The Cayman Islands-based company is co-led by Ravi Adusumalli, Founder and Managing Partner, Elevation Capital, and Shashin Shah, who is the Founder and Managing Partner of Think Investments.

Tom Glaser of Think Investments has been appointed Chief Financial Officer (CFO), and Elevation Capitals Vivek Mathur takes on the role of Chief Operating Officer (COO) of the new SPAC entity.

In its case, the PSPC entity made it clear that it would focus on Indian tech entities, acquiring companies that are IPO ready and seeking to be listed in the United States.

Think Elevation Capital Growth Opportunities is a newly incorporated blank check company incorporated as a Cayman Islands exempt corporation for the purpose of effecting merger, share swap, asset acquisition, share purchase , a reorganization or a similar business combination with one or more businesses, which we refer to as our first business combination, ”stated the Think Elevation capital growth opportunity as part of its offering document.

Focusing on Indian technology, the SPAC entity claimed that it had not focused on any specific targets and planned to list on Nasdaq under the symbol TEGAU.

We have not selected any business combination objective and we have not, or anyone on our behalf, engaged in substantive discussions, directly or indirectly, with a business combination objective with respect to a business combination. initial business with us, ”added the new entity in its filing with the SEC.

Think Elevation Capital Growth has also joined the former global CEO of WhatsApp Inc., Neeraj Arora; founder and president of Dream Sports Inc., Harsh Jain; former managing partner of the Softbank group, Kabir Misra; and the founder of Paytm Vijay Shekhar Sharma – as a member of its board of directors.

Our business strategy is to identify and acquire a company linked to the Indian tech ecosystem, a strategy that complements the experience of our sponsor, management team and directors and can benefit from their experience and knowledge. expertise We currently intend to focus our efforts on identifying high growth technology and technology companies located, or having significant business activity, in India, ”the new entity said in its filing.

Elevation Capital declined to comment on the story.

Right now, Indian startups including Grofers and Walmart-owned e-commerce giant Flipkart, among other things, are considering a SPAC path to be listed in the US market.

Think Investments’ portfolio in India includes around $ 1 billion of investments in various companies, including start-up investments in Dream11, PharmEasy and Chaayos, among others.

Elevation Capital invested over $ 1.5 billion in capital in more than 125 companies in December, such as Paytm, Makemytrip, Swiggy, Justdial, FirstCry, Meesho, ShareChat, NoBroker, Unacademy and Urban Company.

Since its creation, Elevation Capital has successfully or partially made more than 25 investments, says the offering document.

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