Milestone Achievement for Keralite at NASDAQ

THIRUVANANTHAPURAM:
McLaren Technology Acquisition Corporation, a venture of US-based Indian investor and digital transformation leader, Sajan Pillai, has closed its Nasdaq IPO worth Rs 1,500 crore.

It is for the the first time in the history of NASDAQ a Malayalee investor promoted SPAC gets listed and this is the second SPAC of Indian origin to get listed at NASDAQ. This is also the first banking and insure-tech focused SPAC of Indian origin to get listed with NASDAQ. McLaren Technology Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. McLaren Strategic Ventures, an investment venture of Sajan Pillai, a global leader in the field of digital transformation, has already made several significant investments and acquisitions in India.

The exciting market response to this IPO, which started trading under the ticker symbol “MLAIU” on November 3, will be the backbone for the acquisition of notable start-ups and growth-oriented companies providing Artificial Intelligence / Machine Learning based technology solutions in the banking, financial services, and insurance sector. This venture of Sajan Pillai, who has been the CEO of the multinational IT company, UST Global for two decades, will benefit Indian start-ups, which are primarily in the fin-tech segment.

“Numerous start-ups have emerged in the FinTech sector with innovative ideas based on Artificial Intelligence and Machine Learning in Kerala as well as other states in India. We provide an opportunity for such promising start-ups to easily venture into the global market. McLaren’s leadership and management team includes many Keralites with experience in leading Global IT/ software companies. We are proud to list on NASDAQ a venture that is the first of its kind featuring Keralites. We strive to bring its benefits to young entrepreneurs in India” said Sajan Pillai,Chairman and Chief Executive Officer, McLaren Technology Acquisition Corp.

Rajeev Nair and Murali Gopalan serve as Chief Financial Officer and Chief Operating Officer, of McLaren Technology Acquisition Corporation respectively.