Cloth and its subsidiary Intellicar have secured $13.5 million in Sequence A funding from Nuveen, a world asset supervisor, to scale its knowledge and vitality options for the electrical autos (EV) and automotive trade in India.
The funding, made by Nuveen’s Personal Fairness Influence technique, will assist Cloth develop its attain within the EV sector, the place Intellicar already serves over 300,000 EVs.
Cloth, based in 2022 and based mostly in Bengaluru, India, focuses on offering knowledge options for the EV and automotive industries. By its subsidiary, Intellicar, the corporate has established a presence within the EV sector, supporting the adoption of know-how throughout the EV worth chain.
Ted Maa, Managing Director of Personal Fairness Influence at Nuveen, mentioned “India’s path to a greener financial system and decrease CO2 emissions should sort out its reliance on conventional cars. Cloth’s quickly deployable knowledge and vitality stack is a vital a part of that answer in driving the widespread adoption of EVs. Nuveen’s local weather inclusion technique and its funding philosophy is absolutely aligned with Cloth’s mission of enabling people and companies to embrace sustainable transportation and contributing to a cleaner, extra energy-independent India.”
Cloth’s Intellicar presently serves over 300,000 EVs. The corporate permits the adoption of know-how throughout all the EV worth chain.
Karan Makhija, Co-Founder and CEO of Cloth, acknowledged “Nuveen as an investor shares our imaginative and prescient of remodeling India’s vitality panorama & sustainability goals. This partnership marks the beginning of an thrilling journey towards a cleaner, greener, and extra electrified world.”
