Near Intelligence in Chapter 11 Nine Months after Listing

In Pasadena, California, behavioral and location insights specialist Near Intelligence, Inc. has announced it has entered Chapter 11 proceedings in a US Bankruptcy Court, which will supervise the attempted sale of its assets.

The firm, which also has offices in Silicon Valley, Paris, Bangalore, Singapore, Sydney and Tokyo, and is led by founder and CEO Anil Mathews (pictured), brings together and analyses consumers' off-line and online data from disparate sources. Brands, enterprises and publishers use its platform to access location, transaction and other real-world signals from more than 1.6 billion users in over 70 million places, across 44 countries.

While the bakruptcy proceedings are ongoing, Near will fund its operations by means of a 'DIP' (debtor-in-possession) financing facility from its existing secured lenders, which if approved by the Court will provide up to $16m for it to meet obligations incurred to its employees, vendors and customers during the Chapter 11 proceeding.

Before filing for Chapter 11, and subject to Bankruptcy Court approval, Near entered into a 'stalking horse' asset purchase agreement with Blue Torch, which is to acquire substantially all its assets via a credit bid of not less than $50m. Notice of this 'stalking horse' bid will be given to third parties and competing bids will be solicited, under the jurisdiction of the US Bankruptcy Court for the District of Delaware.

The news comes little more than a year after Near raised $100m in a new round of funding led by Blue Torch, and less than nine months after it commenced trading on the Nasdaq exchange.

Web site: www.near.com .