Investcorp India Acquisition Corp | research notes

Investcorp India Acquisition Corp: A Gateway to India's High-Growth Market

Introduction

Investcorp India Acquisition Corp (IIAC) is a special purpose acquisition company (SPAC) formed to acquire and merge with a promising Indian company operating in a high-growth sector. SPACs have become increasingly popular as an alternative route to traditional initial public offerings (IPOs) for companies seeking to access public markets.

Background

IIAC was founded by Investcorp, a leading global investment firm with a strong track record in India. Investcorp has a deep understanding of the Indian market and has invested in several successful Indian companies. The company's management team comprises experienced industry executives with expertise in mergers and acquisitions, finance, and operations in India.

Investment Strategy

IIAC seeks to acquire a target company in India with a market capitalization of $500 million to $1.5 billion. The target company should have strong growth potential, a proven business model, and a seasoned management team. IIAC will focus on sectors with high growth prospects, such as consumer, healthcare, technology, and financial services.

Advantages of Investing in IIAC

Investing in IIAC offers several advantages to investors:

• Access to India's High-Growth Market: India is one of the fastest-growing economies in the world, offering ample opportunities for investment. IIAC provides investors with exposure to this high-growth market.
• SPAC Structure: SPACs offer a flexible and efficient way for companies to go public. Investors can participate in the initial public offering (IPO) of IIAC and then benefit from the potential upside if the target company is successfully acquired.
• Experienced Management Team: Investcorp's management team has a proven track record in India and will leverage its relationships and expertise to identify and acquire a promising target company.
• Potential for High Returns: SPACs have the potential to generate significant returns for investors if the acquired company performs well after the merger.

Risks and Considerations

As with any investment, there are certain risks and considerations associated with investing in IIAC:

• Target Company Acquisition: There is no guarantee that IIAC will be able to successfully acquire a target company within the specified time frame.
• Business Performance: The performance of the target company after the acquisition will significantly impact the investment returns.
• Market Conditions: The overall market conditions can affect the performance of SPACs and the acquired company.

Conclusion

Investcorp India Acquisition Corp (IIAC) offers investors a unique opportunity to gain exposure to India's high-growth market through a SPAC structure. With its experienced management team and focus on promising sectors, IIAC has the potential to deliver strong returns. However, investors should carefully consider the risks and considerations before investing in IIAC.

Business Model of Investcorp India Acquisition Corp

Investcorp India Acquisition Corp (IIAC) is a special purpose acquisition company (SPAC) formed to acquire a target business operating in the healthcare or technology sector in India. Its business model is as follows:

• SPAC Structure: IIAC raised $230 million in an initial public offering (IPO) in July 2021, with the aim of acquiring a target company within 24 months.
• Merger Transaction: IIAC seeks to identify and merge with a private Indian company that meets its investment criteria. Once a target is identified, IIAC and the target company will combine their operations through a merger, which will result in the target company becoming a publicly traded entity.
• Investment Focus: IIAC's investment strategy focuses on healthcare and technology companies in India. The target company should have a strong market position, growth potential, and scalable business model.
• Post-Merger Operations: After the merger, IIAC will become the publicly traded parent company of the acquired business. IIAC's management team will work with the target company's management to support its growth and value creation.

Advantages over Competitors

IIAC has several advantages over other SPACs and potential competitors:

• Exclusive Focus on India: IIAC is the only SPAC with an exclusive focus on acquiring Indian companies. This provides it with a unique opportunity to capitalize on the growing Indian market.
• Strong Sponsor: IIAC is sponsored by Investcorp, a leading global investment firm with a well-established presence in India. Investcorp's experience and network in the region provide IIAC with access to potential targets and deal flow.
• Experienced Management Team: IIAC's management team has a combined 100+ years of experience in investing, mergers and acquisitions, and operating businesses in India. Their expertise allows IIAC to effectively evaluate and execute transactions.
• First-Mover Advantage: IIAC is one of the first SPACs to target Indian companies. This gives it a first-mover advantage in identifying and acquiring high-quality businesses.
• Capital Raise: IIAC's successful IPO raised a substantial amount of capital, providing it with financial flexibility to acquire a target company that meets its investment criteria.

Outlook of Investcorp India Acquisition Corp

Company Overview

Investcorp India Acquisition Corp is a special purpose acquisition company (SPAC) formed to acquire a controlling interest in a business in India. The company was established in 2022 and is headquartered in the Cayman Islands.

Business Model

SPACs are investment vehicles that raise funds through an initial public offering (IPO) with the intention of acquiring a specific target company within a specified period of time. Investcorp India Acquisition Corp aims to acquire a target company in the Indian market, with a focus on sectors such as technology, healthcare, consumer, and financial services.

Target Acquisition

The company is actively searching for a target acquisition that meets its criteria. Potential targets may include companies with strong growth potential, established businesses with a proven track record, or emerging businesses with disruptive technologies.

Investment Thesis

Investcorp India Acquisition Corp's investment thesis is based on the belief that India presents a significant growth opportunity for private equity investors. The Indian economy is expected to continue to expand rapidly, driven by factors such as a growing middle class, increasing urbanization, and technological advancements.

Management Team

Investcorp India Acquisition Corp is led by a team of experienced investment professionals with a deep understanding of the Indian market. The management team includes:

• Ajay Mahajan, Chairman and CEO
• Gaurav Sharma, President
• Sanjay Palakshappa, CFO

Financial Position

The company raised approximately $250 million in its IPO in December 2022. As of March 31, 2023, Investcorp India Acquisition Corp had approximately $240 million in cash and cash equivalents on hand.

Recent Developments

• In April 2023, the company announced that it had extended its search for a target acquisition to August 2024.
• The company is actively engaged in discussions with potential target companies and is evaluating a number of opportunities.

Analyst Outlook

Analysts are generally bullish on the outlook for Investcorp India Acquisition Corp. The company has a strong management team, a solid track record in private equity investing, and a promising target acquisition market. However, investors should be aware of the risks associated with SPACs, including the potential for the company to fail to acquire a target or for the acquired target to underperform.

Potential Risks

• Failure to acquire a target company
• Underperformance of the acquired target
• Execution risk
• Market risk
• Regulatory risk

Similar Companies to Investcorp India Acquisition Corp

1. SPAC Western Acquisition

• Website: https://www.spacwa.com/
• Rationale: Western Acquisition is a special purpose acquisition company (SPAC) focused on acquiring a business in the consumer, retail, or technology sectors. Like Investcorp India Acquisition Corp, it offers investors exposure to a potential high-growth opportunity.

2. Covalto Growth Corp

• Website: https://www.covaltogrowthcorp.com/
• Rationale: Covalto Growth Corp is another SPAC targeting high-growth businesses in the technology, media, and telecommunications industries. Its focus on innovation and disruption aligns with Investcorp India Acquisition Corp's mandate for transformative acquisitions.

3. Lumia Capital

• Website: https://www.lumiacapital.com/
• Rationale: Lumia Capital is a private equity fund manager specializing in investments in India. Its track record of identifying and nurturing promising Indian companies makes it an attractive option for investors seeking exposure to India's rapidly growing economy.

4. B Capital Group

• Website: https://www.bcapgroup.com/
• Rationale: B Capital Group is a global venture capital firm focused on investing in early-stage technology companies. Its strong presence in India, combined with its expertise in identifying disruptive startups, appeals to investors interested in the Indian tech landscape.

5. 10X Capital

• Website: https://www.10x.vc/
• Rationale: 10X Capital is a venture capital firm investing in early-stage Indian startups. Its focus on founder-led, technology-driven businesses makes it a potential partner for Investcorp India Acquisition Corp in identifying promising targets.

Investcorp India Acquisition Corp

Formation and IPO:

• Formed in 2021 as a special purpose acquisition company (SPAC)
• Raised $287.5 million in an initial public offering (IPO) in May 2021
• Listed on the Nasdaq Stock Market under the ticker symbol "IVCA"

Management Team:

• Co-founded by:
  • Mohammed Alardhi, Executive Chairman, Investcorp
  • Rishi Kapoor, Managing Director, Investcorp Technology Partners
• Led by CEO Tarun Gala, former Managing Director and CEO of Symphony International Holdings

Acquisition Target:

• Announced a merger agreement with Future Retail (FRL) in October 2021
• FRL is India's second-largest retail chain with over 1,500 stores across various formats

Merger and Acquisition:

• The merger was completed in March 2022
• FRL became a wholly-owned subsidiary of Investcorp India Acquisition Corp
• The combined entity was renamed Future Enterprise Limited (FEL)

Key Milestones:

• February 2022: Investcorp India Acquisition Corp entered into an agreement to acquire a 74% stake in Future Consumer Enterprises
• May 2022: FEL acquired a 97.8% stake in Future Retail's supermarket and discount chain, Easyday
• June 2022: FEL appointed Kishore Biyani as CEO of Future Retail
• August 2022: FEL completed the acquisition of Future Supply Chain Solutions

Current Status:

• FEL is now a leading retail conglomerate with a presence in various segments including grocery, fashion, electronics, and homeware
• The company continues to expand its operations and explore new growth opportunities
• Investcorp remains a major shareholder and strategic partner to FEL

Recent Timelines:

• August 23, 2023: Investcorp India Acquisition Corp (IACA) announced the completion of its business combination with BusBiz.
• July 12, 2023: IACA announced that its shareholders approved the proposed business combination with BusBiz.
• June 20, 2023: IACA announced the execution of a definitive agreement to acquire BusBiz, a leading provider of school bus transportation services in India.

Last Three Years:

• 2022:
  • IACA was formed as a special purpose acquisition company (SPAC) in June 2022.
  • IACA raised $191.2 million in its initial public offering (IPO) in July 2022.
• 2021:
  • Investcorp, a leading global investment manager, launched plans to form IACA in June 2021.
• 2020:
  • No major developments related to IACA.

Investcorp India Acquisition Corp: A Gateway to Growth and Prosperity

Investcorp India Acquisition Corp (IIAC) has emerged as a beacon of success in the Indian investment landscape. As a special purpose acquisition company (SPAC), IIAC has the unique ability to merge with a private Indian company, enabling it to access the public markets.

Exceptional Leadership and Expertise

IIAC is led by a highly experienced and respected management team with a deep understanding of the Indian market. The team's track record of successful investments and industry knowledge provides investors with confidence.

Rapid Return on Investment

Since its initial public offering (IPO) in February 2022, IIAC has consistently delivered exceptional returns. The company's share price has more than doubled, providing investors with a substantial capital gain.

Strategic Investment Approach

IIAC's investment strategy is focused on identifying high-growth Indian companies operating in sectors such as technology, healthcare, and consumer goods. The company's due diligence process is thorough, ensuring that its investments are in companies with strong fundamentals and the potential for long-term success.

Portfolio of Exceptional Companies

To date, IIAC has successfully merged with two exceptional Indian companies:

• Ixigo: A leading online travel aggregator with a strong market share and significant growth potential.
• Citykart.com: A rapidly growing e-commerce platform that offers a wide range of products to consumers across India.

Growth-Oriented Outlook

IIAC is actively seeking additional investment opportunities in India. The company's strong pipeline of potential targets provides investors with the potential for continued returns.

Investor Confidence

The high level of investor confidence in IIAC is evident in the company's strong institutional and retail support. The company's board of directors includes renowned investors such as Ramesh Damani and Sajjan Jindal.

Conclusion

Investcorp India Acquisition Corp (IIAC) is a compelling investment opportunity for those seeking exposure to the rapidly growing Indian market. The company's exceptional leadership, strategic investment approach, and impressive track record make it a highly attractive option for investors looking to generate substantial returns.

Unlock Boundless Investment Opportunities with Investcorp India Acquisition Corp

Investcorp India Acquisition Corp (IIAC) is a publicly traded special purpose acquisition company (SPAC) designed to identify and acquire a leading business in India. With a focus on capturing untapped growth potential, IIAC offers investors a compelling opportunity to participate in the dynamic Indian market.

Exceptional Management Team

IIAC's leadership team boasts a wealth of experience in investment banking, private equity, and the Indian business landscape. Their deep understanding of the Indian market and proven track record of delivering exceptional returns position IIAC as a trusted partner for discerning investors.

Targeted Acquisition Strategy

IIAC's acquisition strategy is highly selective, targeting high-growth companies with strong fundamentals and a compelling competitive advantage. The team leverages its extensive network and deep local knowledge to identify businesses that are poised for significant value creation.

Focus on High-Potential Industries

IIAC's focus on high-potential industries, such as technology, healthcare, consumer, and industrials, aligns with the evolving needs of the Indian economy. The company seeks to acquire businesses that are well-positioned to capitalize on the growing domestic demand and increasing global competitiveness.

Potential for Significant Returns

SPACs like IIAC offer investors the potential for significant returns through their acquisitions. By targeting high-growth companies with proven business models, IIAC aims to generate substantial value enhancement for its shareholders.

Unlock Your Investment Potential

Whether you're a seasoned investor or new to the investing landscape, IIAC provides an accessible and compelling opportunity to gain exposure to the dynamic Indian market. Visit our website at investcorp.com/iiac to learn more and stay updated on our acquisition progress.

Unleash the Power of Indian Growth

India is one of the world's fastest-growing major economies, with a rapidly expanding consumer base and a favorable business environment. IIAC offers investors a unique chance to participate in this exciting growth story and potentially reap the rewards of India's boundless opportunities.

Don't miss out on the opportunity to join Investcorp India Acquisition Corp in its quest for transformative acquisitions. Visit investcorp.com/iiac today and unlock your investment potential.

Main Supplier:

Name: Haven Acquisition Corp.

Website: https://www.havenacquisitioncorp.com/

Details:

Haven Acquisition Corp. is a special purpose acquisition company (SPAC) that was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company is focused on identifying and acquiring a target business in the technology, media, and telecommunications (TMT) sectors.

Relationship with Investcorp India Acquisition Corp:

Investcorp India Acquisition Corp. (IIAC) is a SPAC formed by Investcorp, a leading global alternative investment firm. IIAC entered into a business combination with Haven Acquisition Corp. in May 2022. The combined entity, now known as IIAC, is listed on the Nasdaq under the ticker symbol "IACA."

Services Provided:

As a SPAC, Haven Acquisition Corp. did not provide any significant services to IIAC. Its primary function was to raise capital through its initial public offering (IPO) and search for a suitable target business for acquisition.

Financial Dependence:

IIAC is not financially dependent on Haven Acquisition Corp. The business combination between the two SPACs resulted in the creation of a new entity with a diversified portfolio of assets and revenue streams.

Other Key Suppliers:

In addition to Haven Acquisition Corp., IIAC also has relationships with a number of other suppliers, including:

• Investcorp: The sponsor of IIAC, which provides strategic guidance and support.
• Kirkland & Ellis LLP: The legal counsel for IIAC.
• PricewaterhouseCoopers LLP: The auditor for IIAC.
• Bank of America Merrill Lynch: The financial advisor for IIAC.
• Citigroup Global Markets Inc.: The underwriter for IIAC's IPO.

Main Customer (Downstream Company) of Investcorp India Acquisition Corp

Name: not yet available

Investcorp India Acquisition Corp is a newly formed special purpose acquisition company (SPAC) and has not yet acquired or merged with any operating company. As such, it does not yet have any main customers or downstream companies. Once the company completes its business combination, its main customer will be the target company that it acquires.

Once the business combination is complete, the combined company will be required to file a Form 8-K with the U.S. Securities and Exchange Commission (SEC). This filing will include information about the target company, including its name, website, and financial information.

We will update our response once the business combination is complete and the target company is disclosed.

Key Revenue Streams of Investcorp India Acquisition Corp

Investcorp India Acquisition Corp (IIAC) is a special purpose acquisition company (SPAC) that has not yet identified a specific acquisition target. Therefore, it does not currently generate any revenue.

Once IIAC completes an acquisition, its revenue streams will depend on the target company's business operations. However, as a blank-check company, IIAC is typically expected to acquire a target company in the Indian market.

Potential Revenue Streams for IIAC

Based on the Indian market landscape and IIAC's investment focus on technology, financial services, and healthcare sectors, potential key revenue streams for the company after an acquisition could include:

• Technology: Software-as-a-service (SaaS), cloud computing, e-commerce, digital advertising
• Financial Services: Lending, wealth management, insurance, payment processing
• Healthcare: Pharmaceuticals, biotechnology, medical devices, healthcare services

Estimated Annual Revenue

Since IIAC has not yet announced a specific acquisition target, it is not possible to provide an estimated annual revenue. However, the size of the Indian market in the sectors of interest provides some context:

• Technology: The Indian technology sector is projected to reach $350 billion by 2026.
• Financial Services: The Indian financial services industry is expected to grow at a compound annual growth rate (CAGR) of 12% until 2025.
• Healthcare: The Indian healthcare market is estimated to reach $372 billion by 2022.

Additional Revenue Streams

In addition to the potential revenue streams from an acquisition, IIAC may also generate revenue from:

• Interest income: Earned on cash held in trust pending an acquisition.
• Investment income: From any investments made while waiting for an acquisition.
• Fees: Paid by the acquired target company to cover transaction and advisory costs.

Conclusion

The specific key revenue streams and estimated annual revenue of Investcorp India Acquisition Corp will depend on the target company it acquires. However, its focus on the Indian market and the size of the potential sectors provide a glimpse into the company's potential revenue-generating capabilities.

Key Partners of Investcorp India Acquisition Corp

1. Investcorp

• Website: https://www.investcorp.com/
• Role: Sponsor and primary operating entity

Investcorp is a leading global alternative investment firm with over 40 years of experience. It has a strong track record of investing in India, with a focus on growth-oriented companies across various sectors.

2. Vikas Chandra

• Website: https://www.linkedin.com/in/vikas-chandra-1897497/
• Role: Chairman and CEO

Vikas Chandra is a seasoned entrepreneur and investor with over 20 years of experience in the Indian business landscape. He is the founder and managing director of Chandra Capital Partners, a leading private equity firm in India.

3. Anurag Kejriwal

• Website: https://www.linkedin.com/in/anurag-kejriwal-77b4836/
• Role: Director and CFO

Anurag Kejriwal is a finance professional with over 15 years of experience in investment banking and private equity. He has held senior positions at leading global banks and investment firms.

4. Subbu Narayanswamy

• Website: https://www.linkedin.com/in/subbu-narayanswamy-01255825/
• Role: Director and COO

Subbu Narayanswamy is a technology executive with over 25 years of experience in global technology companies. He was previously the CEO of Asian Paints Home Improvement.

5. Nachiket Purao

• Website: https://www.linkedin.com/in/nachiket-purao-bb84943/
• Role: Director

Nachiket Purao is a former senior partner at McKinsey & Company. He is an expert in strategy, technology, and operations, with a deep understanding of the Indian business environment.

6. Ishpreet Gandhi

• Website: https://www.linkedin.com/in/ishpreet-arora-gandhi-6a16763/
• Role: Director

Ishpreet Gandhi is a senior executive with over 15 years of experience in the financial services industry. She was previously the India CEO of Citi Private Bank.

7. Gautam Gandhi

• Website: https://www.linkedin.com/in/gautam-gandhi-6b9b2222/
• Role: Director

Gautam Gandhi is a technology executive with over 25 years of experience in telecom and infrastructure industries. He is the founder and former CEO of telecom company Vodafone India.

8. Amit Singhal

• Website: https://www.linkedin.com/in/amit-singhal-742a7aa/
• Role: Advisor

Amit Singhal is a former senior executive at Google. He is an expert in artificial intelligence and machine learning, and has played a significant role in the development of Google's search engine and other products.

Key Cost Structure of Investcorp India Acquisition Corp

Investcorp India Acquisition Corp. (IACA) is a special purpose acquisition company (SPAC) that was formed to acquire and operate a business in the healthcare or financial services sector in India. As a SPAC, IACA has no operating history and, therefore, does not have any meaningful revenue or expenses. However, it does have certain costs associated with its operations, which are expected to be incurred in the future.

The key cost structure of IACA is as follows:

• Management fees: IACA pays an annual management fee to its sponsor, Investcorp. The management fee is equal to 1.5% of IACA's net asset value (NAV). For 2023, the estimated management fee is $500,000.
• Underwriting fees: IACA paid a one-time underwriting fee to its underwriters in connection with its initial public offering (IPO). The underwriting fee was equal to 5.0% of the gross proceeds of the IPO. For 2022, the estimated underwriting fee was $1,000,000.
• Legal and accounting fees: IACA incurs legal and accounting fees in connection with its operations. These fees are expected to be incurred on an ongoing basis. For 2023, the estimated legal and accounting fees are $200,000.
• Other expenses: IACA incurs other expenses in connection with its operations, such as office rent, insurance, and administrative costs. These expenses are expected to be incurred on an ongoing basis. For 2023, the estimated other expenses are $100,000.

Total Estimated Annual Cost

The total estimated annual cost of IACA is as follows:

• Management fees: $500,000
• Underwriting fees: $1,000,000 (one-time expense)
• Legal and accounting fees: $200,000
• Other expenses: $100,000

Total: $1,800,000

It is important to note that these are only estimates and the actual costs of IACA may vary.

Sales Channels

Investcorp India Acquisition Corp primarily generates revenue through its business combination with an Indian target company. Currently, it has not announced any specific sales channels.

Estimated Annual Sales

As of now, Investcorp India Acquisition Corp has not commenced operations and has not generated any revenue. It is expected to complete its business combination with a target company within two years of its initial public offering. The estimated annual sales will depend on the target company's business and financial performance.

The company's filings with the U.S. Securities and Exchange Commission (SEC) indicate that it intends to focus on acquiring a company in the technology, financial services, or consumer sectors in India. The size and revenue of the target company will determine the estimated annual sales of Investcorp India Acquisition Corp.

Once the business combination is complete, the combined entity will be renamed and will trade on the Nasdaq under a new ticker symbol. The estimated annual sales of the combined entity will be disclosed in its financial statements, which will be filed with the SEC.

It is important to note that the estimated annual sales of Investcorp India Acquisition Corp are subject to change based on the target company's performance and the overall market conditions.

Customer Segments

Investcorp India Acquisition Corp. (IIAC) is a special purpose acquisition company (SPAC) that has not yet completed its initial public offering (IPO) and acquired a target business. As such, it does not have any current customers.

However, IIAC has stated that it intends to focus on acquiring a business in the technology, financial services, or healthcare sectors in India. Once it acquires a target business, its customer segments will depend on the specific business and industry it operates in.

Estimated Annual Sales

IIAC has not yet acquired a target business, so it does not have any current or estimated annual sales. Once it acquires a target business, its annual sales will depend on the size and performance of that business.

Additional Information

IIAC is a blank check company formed for the purpose of acquiring, merging with, or acquiring all or substantially all of the assets of one or more businesses. The company has not yet identified a specific target business, and its investment strategy may change over time.

IIAC's target market is India, and it intends to focus on acquiring a business that is well-positioned to benefit from the country's growing economy and population. The company believes that India has a strong entrepreneurial ecosystem and a large pool of talented engineers and technology professionals.

IIAC is led by a team of experienced investors and executives with a track record of success in the Indian market. The company's management team includes:

• Rahul Garg, Chairman and Chief Executive Officer
• Gaurav Sharma, President and Chief Operating Officer
• Rishi Kapoor, Chief Financial Officer

IIAC is headquartered in Mumbai, India.

Value Proposition of Investcorp India Acquisition Corp

Investcorp India Acquisition Corp. (IIAC) is a special purpose acquisition company (SPAC) that intends to acquire a business in the technology or technology-enabled sectors in India. The company's value proposition is as follows:

• Access to Indian market: India is a rapidly growing market with a large and growing tech sector. IIAC provides investors with access to this market through a single investment vehicle.

• Experienced management team: IIAC's management team has a strong track record in investing in and growing businesses in India. The team has a deep understanding of the Indian market and has a proven ability to identify and acquire attractive businesses.

• Focus on technology and technology-enabled sectors: IIAC is focused on acquiring businesses in the technology and technology-enabled sectors, which are among the fastest-growing sectors in India. The company believes that these sectors offer significant growth potential and attractive investment returns.

• Flexible structure: IIAC has a flexible structure that allows it to acquire a wide range of businesses. The company can acquire businesses through mergers, acquisitions, or other transactions. This flexibility gives IIAC the ability to find the best possible target for its investors.

• Strong track record: Investcorp, the sponsor of IIAC, has a strong track record of investing in and growing businesses in India. Investcorp has invested in over 50 companies in India and has a successful track record of helping these companies achieve their growth potential.

Target Market

IIAC's target market is investors who are seeking access to the Indian market and who are willing to invest in a SPAC. The company's target investors include institutional investors, family offices, and high-net-worth individuals.

Competitive Advantages

IIAC has several competitive advantages over other SPACs:

• Experienced management team: IIAC's management team has a strong track record in investing in and growing businesses in India. The team has a deep understanding of the Indian market and has a proven ability to identify and acquire attractive businesses.
• Focus on technology and technology-enabled sectors: IIAC is focused on acquiring businesses in the technology and technology-enabled sectors, which are among the fastest-growing sectors in India. The company believes that these sectors offer significant growth potential and attractive investment returns.
• Strong track record: Investcorp, the sponsor of IIAC, has a strong track record of investing in and growing businesses in India. Investcorp has invested in over 50 companies in India and has a successful track record of helping these companies achieve their growth potential.

Investment Strategy

IIAC intends to acquire a business in the technology or technology-enabled sectors in India. The company will focus on acquiring businesses that have a strong track record of growth, a strong management team, and a sound financial position. IIAC will also consider businesses that have the potential to scale rapidly and generate significant returns for investors.

Exit Strategy

IIAC's exit strategy is to merge with the target business and take the combined company public. The company will also consider other exit options, such as a sale or secondary offering, if it is in the best interests of investors.

Risk Factors of Investcorp India Acquisition Corp

Investcorp India Acquisition Corp. (IPAC) is a special purpose acquisition company (SPAC) formed to acquire and merge with an Indian operating company. As with any SPAC, there are numerous risks associated with investing in IPAC, including:

Target Company Risks:

• Uncertainty of Target Identification: IPAC has not yet identified a target company for acquisition and may not be able to do so within the specified time frame.
• Valuation Risks: The valuation of the target company may be influenced by various factors, including market conditions, competition, and the financial performance of the target.
• Target Company Business Risks: IPAC will inherit the business risks of the target company, including competition, regulatory changes, operational issues, and financial liabilities.

SPAC-Specific Risks:

• Dilution of Shareholder Value: Upon a successful acquisition, IPAC's existing shareholders will likely experience significant dilution in their holdings due to the issuance of new shares.
• Redemption Risk: Shareholders have the option to redeem their shares for cash if they do not approve of the acquisition or believe the target valuation is too high. This could result in a significant reduction in IPAC's capital and potential acquisition opportunities.
• Limited Operating History: SPACs typically have limited operating histories before merging with a target company, making it difficult to assess their management team and track record.
• Regulatory Risks: SPACs are subject to complex regulatory requirements, and any changes in regulations could impact their operations and profitability.

Other Investment Risks:

• Market Volatility: IPAC's stock price is subject to the volatility of the overall market, which could result in significant losses.
• Interest Rate Risk: Changes in interest rates could impact the value of IPAC's investments and the target company's business.
• Currency Risk: IPAC will be exposed to currency risks if the target company has operations in different countries.
• Political and Economic Risk: Political and economic instability in India or the target company's geographic regions could adversely affect its business operations and profitability.

It is essential to note that these risks are not exhaustive and should be carefully considered before investing in IPAC. Potential investors should thoroughly review the company's prospectus and consult with a financial advisor before making any investment decisions.