Nidar Infrastructure Limited lately announced to go public through a merger with special-purpose acquisition company (SPAC) Cartica Acquisition Corp. The move is being seen as significant and is sure to position Yotta as the first Indian data center to be listed on the Nasdaq.
Nidar is a prominent player in the data center industry and Yotta is its data center arm. The move is believed to be a milestone in the technological and financial landscape of India.
The merger transaction values Nidar at about $2.75 billion in pre-transaction equity. The valuation highlights robust market position of the company and it also simultaneously highlights the growing importance of data centers in the digital economy. Nidar basically aims to leverage increased capital market access with the IPO. It will expand its capabilities and enhance market presence too.
Cartica is a SPAC and has a trust account of about $25 million. It intends to use the proceeds to support the business plan of Nidar and also the general working capital needs. The new capital is expected to accelerate expansion efforts of the company and particularly in cloud infrastructure and artificial intelligence (AI) segments.
Yotta is based in Mumbai and over the years has established itself as a leader in designing, building, and operating Tier III and IV data centers. The facilities provide a range of services such as colocation, hyperscale, cloud and managed services. The strategic focus of the company on high-performance computing and AI positions it at the forefront of technological innovation.
Nidar co-founder and CEO Sunil Gupta emphasized the significance of the partnership. He said that Yotta is poised to capture long-lasting demand from cloud infrastructure and AI.
Yotta’s revenue surged from $22 million in FY23 to an estimated $49.2 million in FY24. However, it had reported a net loss of $52.8 million in FY24. Its revenue growth graph is impressive and projected to rise to $156 million in FY25.
