Near Intelligence

Near Intelligence was a Singapore-based data intelligence company that provided location-based analytics to marketers and enterprises. The company merged with KludeIn Acquisition Corp in early 2023, making it one of the last SPACs of the era.

Going public in 2023 was terrible timing — the SPAC market had collapsed, investor enthusiasm had evaporated, and redemption rates were running above 90%. Near raised far less capital than needed to fund its growth plans.

The company's data analytics platform faced increasing headwinds from privacy regulations (GDPR, state privacy laws) that limited the collection and use of location data. Revenue declined as customers pulled back spending on data services.

In a remarkably swift collapse, Near Intelligence filed for Chapter 11 bankruptcy in December 2023, less than 9 months after its SPAC merger closed. It was a fitting end to the SPAC era — a company that should never have gone public, going bankrupt in record time.