Market data provider Near to go public via SPAC merger
Near Intelligence Holdings Inc., the operator of a cloud-based market data platform that helps businesses perform tasks such as measuring the number of shoppers who visit their stores, is set to launch. ‘to apply for a scholarship.
Near announcement moving today. The Pasadena, Calif.-based startup will list on the Nasdaq stock exchange by merging with KludeIn I Acquisition Corp., a special-purpose acquisition company. SPACs are investment vehicles created specifically to take another company public.
The deal is expected to give Near a pro forma market capitalization of nearly $1 billion. The startup is expected to raise $268 million in gross proceeds from the SPAC merger. Additionally, Near secured a $100 million committed equity financing facility from CF Principal Investments, a subsidiary of financial services giant Cantor Fitzgerald LP.
Near’s platform gives brands access to anonymized data on over 1.6 billion consumers and 70 million locations. Retailers rely on data from the startup to measure the number of shoppers visiting their stores, as well as gauge the popularity of competing stores. Near’s platform is also used by companies in other areas, including financial services, hospitality, and the automotive industry.
Along with market data, Near provides software tools that help organizations glean useful business insights more easily. The startup’s tools simplify tasks such as combining data sets from different sources and measuring the effectiveness of ad campaigns.
Near says its offerings are used by 122 companies, including Ford Motor Co., MetLife Inc. and other major brands. According to a regulatory filingthe startup posted an annualized revenue rate of $50 million in the fourth quarter of 2021. Near’s net revenue retention rate, a measure of how customers increase their spend over time, was 120% in 2021, while its adjusted gross margin reached 71%.
“Companies around the world have trusted Near to answer their critical questions that have helped them drive and grow their business for over a decade,” said Near Founder and CEO Anil Mathews, citing an extensive total available market. “Market demand for human movement and consumer behavior data to understand changing markets and consumers is growing exponentially and now is the time to accelerate the penetration of the vast and untapped $23 billion TAM .”
The startup plans to use the proceeds of its merger with KludeIn to launch new features and make acquisitions. Near also intends to expand its presence in key segments such as the distribution sector.
Near has raised $134 million from inventors since its launch in 2012. After the merger with KludeIn closes, existing shareholders will retain a 68% stake in the company, which is expected to trade on the Nasdaq under the symbol “ NIR”.