Elevation Capital Partners With Think Investments To Create SPAC Route For Indian Startups
Elevation Capital (formerly SAIF Partners) has partnered with San-Francisco-headquartered Think Investments LLC to float a blank check company called Think Elevation Capital Growth Opportunity.
Think Elevation Capital Growth Opportunity will be focused on Indian technology companies looking to list in the US.
In its filing, Think Elevation Capital Growth Opportunity has made it clear that it would be focusing on Indian technology entities, acquiring companies that are IPO-ready and looking to list in the US.
The new Special Purpose Acquisition Company (SPAC) filed for a $225 million initial public offering (IPO) with the United States Securities and Exchange Commission (SEC) on 19 March, offering 22.5 million stock units at $10 each.
Think Elevation Capital, in its filing, stated,
“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.”
Indian startups, including Grofers and Flipkart, have been considering a SPAC route to list in the US market.
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