Merger INKAU

Near, a Privacy-Led Data Intelligence company, to go Public on Nasdaq via a Merger with KludeIn I Acquisition Corp.

, SPAC Research

Near Intelligence, a global SaaS leader in privacy-led data intelligence on people, places and products, and KludeIn I Acquisition Corp. (NASDAQ:INKA), announced today that they have entered into a definitive business combination agreement that will result in Near becoming a publicly listed company with a post-transaction pro-forma market capitalization of nearly $1 billion, assuming no redemptions.

The transaction is expected to generate $268 million of gross proceeds, assuming there are no redemptions and a successful private placement of $95 million of KludeIn common stock.

Near is among the largest full-stack intelligence providers of aggregated anonymized data on people's behavior around places, with 1.6 billion unique user IDs, in over 70 million places across 44 countries.

INKA has also secured a $100 million committed equity financing facility from CF Principal Investments LLC.

Near's existing equity holders, including Sequoia Capital, Telstra Ventures, J.P. Morgan, and Greater Pacific Capital, have agreed to convert 100 percent of their ownership stakes into the equity of the Company.

The current Near shareholders are expected to own approximately 68 percent of the combined company.

Kirkland & Ellis is serving as legal advisor to Near. Cantor Fitzgerald is serving as capital markets advisor to KludeIn and Ellenoff Grossman & Schole is serving as legal advisor to KludeIn. DLA Piper is serving as legal advisor to Cantor. King and Spalding acted as legal counsel to CF Principal Investments in connection with the CEF Facility.

Upon closing, the combined Company is expected to be named "Near Intelligence" and its common stock is expected to trade on The NASDAQ under the ticker symbol "NIR". Near is headquartered in Southern California, with global offices and coverage in EMEA, Asia Pacific and Southeast Asia and led by Anil Mathews, Founder and CEO of Near.

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