Blank cheque companies, the fastest and hottest way to go public in the US has found it's way to India too, with a new company set up by two top investors taking Indian unicorns public in the US.
Ravi Adusumalli, founder of Elevation Capital (formerly SAIF Partners) and Shashin Shah, portfolio manager at Think Investments have come together to form a Special Purpose Acquisition Company (SPAC) which will go public and then look for private companies to invest in.
Adusumalli is one of India's most well known yet secretive venture capitalists and an early backer of fintech firm Paytm.
According to a filing with the US Securities and Exchange Commission, Think Elevation Capital Growth Opportunities is looking to raise $225 million in the IPO.
The SPAC's board includes high profile people from the startup and investing ecosystem including Harsh Jain, cofounder of fantasy sports unicorn Dream11, Paytm founder Vijay Shekhar Sharma, former SoftBank investor Kabir Misra, who now runs RPS Ventures, Neeraj Arora, the former global business head of WhatsApp and Vivek Mathur, operating partner at Elevation Capital.
"Our business strategy is to identify and acquire a company with ties to the Indian technology ecosystem, a strategy that complements the experience of our sponsor, management team and directors and can benefit from their experience and expertise," the filing said.SPACs have been the rage in the US for the past year as it allows companies to go public with less paperwork and fewer norms.