Think, Elevation backtrack on SPAC; Swiggy, Zomato in a pickle

Think, Elevation backtrack on SPAC; Swiggy, Zomato in a pickle

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Madhav Chanchani

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Aditi Shrivastava

156 reads
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Madhav Chanchani

121 reads
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Aditi Shrivastava

156 reads

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 READ

It’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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