Indian SPACs to raise nearly $1 billion through IPOs in US stock market

To acquire domestic media, tech, and consumer goods firms

What is common between film star Ajay Devgn, Managing Director of Manipal Group, Gautham Pai, founder of venture capital (VC) fund Elevation Capital, Ravi Adusumalli, and Paytm Founder, Vijay Shekhar Sharma?

They are all involved in either floating, investing or supporting blank-check companies, which are also known as special purpose acquisition companies (SPACs) — the hottest new vehicle for Indian start-ups for quickly hitting the initial public offering (IPO) market in the US.

At least four SPACs set up by Indian sponsors and their global partners are raising close to $1 billion through IPOs in the US stock market in the next