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Tech and software SPAC KludeIn I Acquisition files for a $150 million IPO

December 15, 2020

KludeIn I Acquisition, a blank check company targeting software or technology-enabled growth businesses, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.

The Berkeley, CA-based company plans to raise $150 million by offering 15 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. The anchor investor, Polar Asset Management Partners, has indicated an interest in purchasing 9.9% of units in the offering. At the proposed deal size, KludeIn I Acquisition would command a market value of $188 million.

The company is led by CEO and Chairman Narayan Ramachandran, co-founder of social enterprise incubator InKlude Labs and KludeIn Ventures, and Chairman and General Partner of KludeIn Management. He is joined by CFO and Director Mini Krishnamoorthy, CFO and Head of Data Analytics for ZeeMee; Co-President Sriram Raghavan, co-founder and a General Partner of KludeIn; and Co-President Ashish Gupta, an independent business consultant, and co-founder and Senior Managing Director of Helion Ventures.

KludeIn I Acquisition plans to target a high-quality software or technology-enabled growth business serving consumers or enterprises in the US, focusing on those with an enterprise value between $500 million and $1.5 billion.

KludeIn I Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol INKAU. The company filed confidentially on October 9, 2020. BTIG is the sole bookrunner on the deal.