Data intelligence company, Near Intelligence Holdings, will go public on Nasdaq, via a merger with a publicly traded special purpose acquisition company (SPAC) KludeIn I Acquisition Corp.
The merger will see a joint entity valued at nearly US$1 billion in market capitalisation and the stock is expected to trade on Nasdaq under the ticker symbol "NIR".
According to a statement on Thursday, the transaction is expected to generate US$268 million in gross proceeds.
A separate committed equity financing facility of US$100 million has also been secured by KludeIn from CF Principal Investments.
Existing shareholders Sequoia Capital, Telstra Ventures, JP Morgan, and Greater Pacific Capital, have agreed to convert all their stakes into equity in the joint entity.
History of Near
- The company was founded in Singapore during 2012, with global offices in California, New York, London, Paris, Bangalore, Tokyo and Sydney.
- Near is led by Anil Mathews, the founder and chief executive officer of the company.
- Near’s data universe curates one of the world’s largest sources of intelligence on people, places and products and comprises 1.6 billion unique user IDs, in over 70 million places across 44 countries and Near uses AI-driven modeling to better understand consumer behavior.
- Mathews mentioned that the market demand for data around human movement and consumer behavior to understand changing markets is growing exponentially and now is the right time to penetrate the untapped total addressable market of US$23 billion.
