Yotta Drops Merger Plan with Cartica, Shifts Focus to India Listing in FY27

Yotta Data Services has formally withdrawn its plan to merge with the Nasdaq listed special purpose acquisition company (SPAC) Cartica Acquisition, despite receiving all regulatory approvals. An SPAC company is formed to raise money through an IPO, which it later uses to purchase or merge with an existing company.

“The SPAC transaction with Cartica is no longer being pursued. We had received all regulatory approvals for that structure, but we made a strategic decision to not proceed and formally withdrew from that route,” Sunil Gupta, Co-Founder, CEO and MD, Yotta Data Services said.

This comes as the Hiranandani Group backed company plans to prioritise an India initial public offering (IPO) over its earlier plans for a US market listing.

Why Yotta Wants to List in India Now?

The data center company now wants to list in India to be in line with its India-first strategy. Yotta stated that a major chunk of the company’s assets, customers and long-term growth is anchored in India, hence it believes it is important that domestic investors participate in this journey.

“Given our India-first and sovereign positioning, and the fact that our assets, customers and regulatory responsibilities are in India, we believe it makes strategic sense to list at home first,” Gupta said.

However, the company has not completely abandoned the idea of listing outside India and keeps the option open for future. “Any future overseas listing would require a fresh process, and we continue to keep international capital market options open for the future,” Gupta added.

Yotta IPO Timeline

The company will potentially attempt to list in India in the financial year 2027, given that all its operational fundamentals are in place. “Our current intent is to approach the Indian public markets in the next financial year, subject to internal readiness,” Gupta said.

He added that currently the company focus is solely on execution, expanding capacity, onboarding customers and strengthening the AI and cloud platforms. “Once these fundamentals are firmly in place, we will move ahead with the IPO process,” Gupta noted.

Yotta's Merger & US Listing Plan

In November 2025, Cartica Acquisition and Nidar Infrastructure Ltd, parent company of Yotta collaboratively announced that the ‘Registration Statement’ filed with the US Securities and Exchange Commission (SEC) has become effective.

The closure of the proposed ‘Business Combination’ was subject to approval by Cartica’s shareholders and the satisfaction of other customary closing conditions as described in the proxy statement/prospectus contained in the Registration Statement.

Upon completion of the proposed Business Combination, the combined company was supposed to list its ordinary shares and warrants on The Nasdaq Global Market under the ticker symbols “YTTA” and “YTTAW,” respectively.