Elevation Capital, Think Capital Collaborate to Develop SPAC route for Indian startups

Elevation Capital previously known as SAIF Partners has collaborated with San-Francisco based Think Investments LLC to float blank check company called Think Elevation Capital Growth Opportunity, focused on Indian technology companies opting to list in the US.

The new special purpose acquisition company (SPAC), has filed for a $225 million initial public offering (IPO) with the United States Securities and Exchange Commission (SEC) on 19 March. It is offering 22.5 million stock units at $10 each.

The Cayman Islands-based company is co-led by Ravi Adusumalli, founder and managing partner, Elevation Capital, and Shashin Shah, is the founder and managing partner of Think Investments.

Furthermore, Think Investments’ Tom Glaser has been appointed as the chief financial officer with ELevation Capital’s Vivek Mathur stepping in the position of Chief operating officer (COO) for the new SPAC entity.

The SPAC entity has made ti very clear in its entity that it would be focusing on the Indian technology entities, that would acquire organizations which are IPO-ready and looking to list in the U.S. In its filing, the SPAC entity has made it clear that it would be focusing on Indian technology entities, acquiring companies which are IPO-ready and looking to list in the US.

“Think Elevation Capital Growth Opportunities is a newly incorporated blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business combination," said the Think Elevation Capital Growth Opportunity as a part of its offer document.In its filing with the SEC, new entity states, “We have not selected any business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us."

Think Elevation Capital Growth has also roped in former WhatsApp Inc. global business head, Neeraj Arora; founder and president of Dream Sports Inc., Harsh Jain; former managing partner at Softbank Group, Kabir Misra; and Paytm founder Vijay Shekhar Sharma - as a part of its board.

“Our business strategy is to identify and acquire a company with ties to Indian technology ecosystem, a strategy that complements the experience of our sponsor, management team and directors and can benefit from their experience and expertise … We currently intend to focus our efforts on identifying high growth technology and tech-enabled businesses located, or with significant business activity, in India," states the new entity in its filing.