Material and its subsidiary Intellicar on Wednesday mentioned that they bagged $13.5 million funding in its Collection A spherical from asset administration agency Nuveen.
The raised capital will allow the expertise firm to additional scale its cutting-edge information and power options, Material mentioned in a press release.
“This sizable funding will allow us to speed up the event of the following technology of our expertise, opening up newer markets and likewise deepen our market management within the mobility ecosystem inside India whereas empowering hundreds of thousands to embrace sustainable transportation. This partnership marks the beginning of an thrilling journey towards a cleaner, greener, and extra electrified world,” mentioned Karan Makhija, Co-Founder and CEO, Material.
The funding additionally marks Nuveen Personal Fairness Affect’s fifth funding on behalf of Nuveen’s second local weather inclusion technique, which had just lately introduced comparable partnerships with Longevity Companions, CleanPlanet, and Onepak.
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Bengaluru-based Material, which was based in 2022, delivers information options for the EV and automotive business by Intellicar, which at present serves greater than 3 lakh EVs.
“India’s path to a greener economic system and decrease CO2 emissions should deal with its reliance on conventional cars. Material’s quickly deployable information and power stack is a vital a part of that answer in driving the widespread adoption of EVs,” mentioned Ted Maa, Managing Director, Personal Fairness Affect at Nuveen.
