Vahanna Tech Edge Acquisition I, a blank check company targeting tech businesses with connections to India, raised $174 million by offering 17.4 million units at $10. The company offered 2.4 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO Karan Puri, a former EVP and General Manager for the Americas at DXC Technology and a Senior Corporate Officer at HCL Technologies, and Chairman Saurav Adhikari, who previously spent two decades at HCL, including as the founding President of its startup corporate networking firm.
The company plans to target businesses with strong connections to India and catering to large addressable market opportunities in India or other developed geographies such as the Americas and Europe, focusing on those with enterprise values between $750 million and $1+ billion. It plans to focus on broad categories within the technology sector.
Vahanna Tech Edge Acquisition I plans to list on the Nasdaq under the symbol VHNAU. Mizuho Securities acted as sole bookrunner on the deal.
