Two VC firms form SPAC in US, will seek Indian startups planning IPOs

VC investors Ravi Adusumalli and Shashin Shah will lead the SPAC

Venture capital firms Elevation Capital and US-based Think Investments are together launching a special purpose acquisition company (SPAC) focused on Indian technology companies seeking to list in America.

The new SPAC, Think Elevation Capital Growth Opportunities, had filed for a $225 million initial public offering with USA’s Securities and Exchange Commission (SEC) earlier this month, offering 22.5 million stock units at $10 each.

“We are 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