Madhav Chanchani
Aditi Shrivastava
Madhav Chanchani
Aditi Shrivastava
The Crux newsletter this week. Two high-profile startup backers, Think Investments and Elevation Capital, have nixed their plans for a blank-check company. But why? Also in this edition: The factors that prompted CCI to order a probe into food-delivery giants’ business practices
April 08, 2022
6 MINS READIt’s time to return to the basics, not just for founders and startups but also for investors.
Leading the news: Elevation Capital and Think Investments are rowing back on plans for a $258-million special purpose acquisition company issue on Nasdaq. They had announced the SPAC in March last year and registered it, but never got down to raising capital.
The development is significant because they were the only major tech investors with an India focus to seriously consider tapping the red-hot SPAC market in 2021.
Quick reference: SPACs are entities that list on stock exchanges, gather capital and use it to take private companies, which are not keen on a traditional IPO, public.
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