Indian tech unicorns get $225 million SPAC from top investors


In accordance with a filing with the US Securities and Commerce Price, Deem Elevation Capital Pronounce Opportunities is taking a peek to raise $225 million in an IPO.

March 23, 2021 / 12: 20 AM IST

Easy cheque companies, the quickest and most up-to-the-minute formulation to sail public within the US has chanced on it is formulation to India too, with a brand new firm build up by two top investors taking Indian unicorns public within the US.

Ravi Adusumalli, founder of Elevation Capital (previously SAIF Companions) and Shashin Shah, portfolio supervisor at Deem Investments rep come collectively to have a Particular Motive Acquisition Company (SPAC) that can sail public and then peek for non-public companies to speculate in.

Adusumalli is one amongst India's most smartly identified but secretive venture capitalists and an early backer of fintech firm Paytm.

In accordance with a filing with the US Securities and Commerce Price, Deem Elevation Capital Pronounce Opportunities is taking a peek to raise $225 million within the IPO.

The SPAC's board contains high profile of us from the startup and investing ecosystem along side Harsh Jain, cofounder of story sports activities unicorn Dream11, Paytm founder Vijay Shekhar Sharma, broken-down SoftBank investor Kabir Misra, who now runs RPS Ventures, Neeraj Arora, the broken-down world substitute head of WhatsApp and Vivek Mathur, working accomplice at Elevation Capital.

"Our substitute method is to name and compose a firm with ties to the Indian expertise ecosystem, a formulation that enhances the trip of our sponsor, management crew and directors and can rep the profit of their trip and expertise," the filing stated.

SPACs rep been the rage within the US for the previous year because it lets in companies to sail public with much less types and fewer norms.

M. Sriram

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