Yotta Data Files for $463M Nasdaq IPO

12 Feb 2025 CW Team

Yotta Data Services, a data center and cloud computing firm backed by the Hiranandani Group, has filed for a $463 million listing on the Nasdaq, according to its submission to the US Securities and Exchange Commission (SEC).

The filing was made on December 30 through Yotta’s holding entity, Nidar Infrastructure. In June 2023, Nidar merged with Cartica Acquisition Corp., a special purpose acquisition company (SPAC), valuing Yotta at $4.2 billion. Post-listing, Yotta’s shareholders will retain 82.6% ownership, assuming a 14% redemption of Cartica’s public shares.

Yotta, which operates data centers in Mumbai, Greater Noida, GIFT City, Pune, Chennai, and Dhaka, plans to use the IPO proceeds for capital expenditure, primarily to expand its GPU infrastructure. The company has already deployed 4,096 Nvidia H100 GPUs, with 1,752 currently in use for clients in pharmaceuticals and AI. It expects to receive 8,192 GPUs by year-end and plans to order an additional 16,384 GPUs in 2024.

Yotta’s AI services business is its fastest-growing segment, driven by strong demand for GPUs, particularly from Western markets.

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