1947 Tech 🇮🇳: 145

SPAC for Indian tech companies, IPOs, lots of capital, Tiger Global in every deal & more!

1. Elevation Capital partners Think Capital to build SPAC route for Indian startups

Elevation Capital, earlier known as SAIF Partners, has tied up with San-Francisco-headquartered Think Investments LLC to float blank check company called Think Elevation Capital Growth Opportunity, focused on Indian technology companies 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 Growth has also roped in former WhatsApp Inc. global business head, Neeraj Arora; founder and president of Dream Sports Inc., Harsh Jain; former managing partner at Softbank Group, Kabir Misra; and Paytm founder Vijay Shekhar Sharma — as a part of its board.

Elevation Capital partners Think Capital to build SPAC route for Indian startups

2. Zomato planning to file $650 million IPO next month

Zomato Pvt, an Indian food delivery startup backed by Jack Ma’s Ant Group, is planning to file the draft prospectus by April for its initial public offering that could raise about $650 million, according to people familiar with the matter.

The company could complete the listing in Mumbai before the end of September.

Founded in 2008 in Delhi, the company employs more than 5,000 people, according to its website. Zomato recently raised $250 million from investors including Kora Management and Fidelity Management & Research Co., valuing the startup at $5.4 billion

Jack Ma-backed Zomato planning to file $650 mn IPO next month

Worth your attention:

1. Delhivery aims for pre-IPO funding at $3 billion valuation Link

2. SoftBank-backed Indian insurance platform Policybazaar raises $75 million Link

3. Tiger Global may lead ClearTax funding at $750–850 million valuation Link

4. Temasek to join Ola Electric’s over $300 Mn round; eyes secondary shares in Ola Link

5. KreditBee raises an additional USD 70 million in Series C funding round Link

6. Rupeek kicks off Series E round with $33 Mn tranche led by GGV Link

7. Purplle raises $45 Mn from Sequoia and existing backers Link

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