Hiranandani-Backed Indian Data Center Yotta to Go Public Through SPAC Merger

Nidar Infrastructure, Parent Company of Yotta, to Go Public on Nasdaq Through Merger with SPAC Carta

Nidar Infrastructure, the parent company of data center provider Yotta, is set to go public on Nasdaq through a merger with Carta, a special purpose acquisition company (SPAC). This strategic move values Nidar’s pre-transaction equity at approximately $2.75 billion.

Yotta, known for designing, building, and operating Tier III and IV data centers in India, provides colocation, hyperscale, cloud, and managed services. According to an investor presentation by Carta, Yotta currently boasts 33 megawatts of live data center capacity, with the potential to expand up to 890 megawatts in the future.

The presentation also highlighted significant growth for Yotta, with revenue increasing by 123%, from $22 million in FY23 to an estimated $49.2 million in FY24. The company’s net loss saw a slight decrease from $53.2 million in FY23 to $52.8 million in FY24. Looking ahead, Yotta projects its revenue to triple to $156 million in FY25, despite a rise in net loss to $113.4 million, alongside an ambitious billion-dollar capital expenditure plan for the financial year.

Recently, Yotta gained attention by becoming the first to acquire Nvidia’s H100 graphics processing units, placing an order for 16,000 GPUs, with 850 already delivered. The company plans to acquire an additional 16,000 GPUs over the next year.

Sunil Gupta, CEO and co-founder of Nidar, remarked, “Through its Yotta data centers, Nidar is India’s leading provider for AI and high-performance compute. Our partnership with Nvidia, the global leader in high-performance compute, and access to US capital markets positions Yotta to meet the growing demand for cloud infrastructure and AI.”

Gupta, a seasoned veteran in the data center industry, co-founded Yotta in 2019 with support from real estate billionaire Niranjan Hiranandani. Yotta provides scalable data storage and computing power to clients like Wells Fargo & Co., allowing them to adjust their resources without the need to purchase and install hardware.

Darshan Hiranandani, co-founder of Nidar and director of Nidar’s largest shareholder, added, “Nidar’s experienced management team has successfully built and operated India’s leading data center provider. Merging with Cartica will enable us to further accelerate Yotta’s growth and create long-term shareholder value.”