Indian data centre firm Yotta, backed by Nidar Infrastructure Limited, and Darshan Hiranandani‘s led plans to go public on the Nasdaq in a merger with Cartica Acquisition Corp., listed on NASDAQ as a particular purpose acquisition vehicle, or SPAC. This move will enable Nidar, one of India’s leading providers of data centres, to access public capital markets, thereby allowing it to speed up its growth and expansion plans.
Nidar owns and operates Yotta and describes itself as “India’s leading data centre provider for artificial intelligence and high-performance computing.” The corporation provides IT infrastructure and solutions like colocation, managed services, cloud services, and AI services delivered in an “as-a-service” model.
The merger agreement puts Nidar’s pre-transaction equity value at approximately $2.75 billion, signifying that considerable growth is expected from this merger. Sunil Gupta, who happens to be the CEO and co-founder of Nidar and Yotta, pointed out that HPC (high-performance computing) data centres have made his organization a global leader in AI.
“We offer colocation and hyperscale services alongside cloud and managed services in our across nation Tier III and IV-graded data centres. Yotta is well-positioned to meet the growing demand for cloud infrastructure and AI with priority access to industry-leading GPUs through our partnership with a global leader in high-performance computing and the ability to access US capital markets,” said Gupta.
Darshan Hiranandani, a majority stakeholder in Nidar and Hiranandani Group and serves as director, noted that the management team has built several top-tier data centres across India. He added, “By merging with Cartica, we allow our teams to continue executing their growth strategy, leveraging Yotta’s world-class platform towards accelerating growth and creating long-term shareholder value.”
Cartica Acquisition Corp., the SPAC Company merging with Nidar, focuses on merging or acquiring technology, media, and telecommunications. Suresh Guduru, the CEO of Cartica, said, “Our merger with Nidar underscores our belief in the potential of technology infrastructure, compute as a service, and India’s pivotal role in the global tech ecosystem. Under Sunil’s leadership, Yotta has positioned itself at the forefront of the global AI movement.”
The merger involves a series of complex transactions under which a subsidiary of Nidar will merge with Cartica. Cartica will survive as a wholly owned subsidiary post-transaction by Nidar. Cartica will merge into Nidar, which will become a public entity after the merger. The newly issued shares and warrants of Nidar will be listed on a major US exchange, such as the NYSE or NASDAQ.
With this strategic merger of Nidar’s robust data centre capabilities and Cartica’s financial skills, this move is intended to exploit the rising demand for AI (artificial intelligence) and cloud services, positioning Yotta as one of the top players in the global technology ecosystem.
