Fabric, a leading data solutions provider for the electric vehicle (EV) and automotive sector, has raised $13.5 million in Series A funding from Nuveen, a global asset manager. This strategic investment aims to propel the adoption of smart, sustainable transportation solutions across India.
The funding comes through Nuveen’s Private Equity Impact strategy, which focuses on climate-aligned investments. It will empower Fabric and its subsidiary, Intellicar, to scale their data-driven energy infrastructure and expand their footprint in India’s rapidly evolving EV ecosystem.
Driving Innovation in EV Data and Energy
Founded in 2022 and headquartered in Bengaluru, Fabric specializes in offering scalable data and energy platforms tailored for the EV and broader automotive industries. Its subsidiary Intellicar currently supports over 300,000 electric vehicles, reinforcing its stronghold in the EV value chain. The company provides vital technology integration for EV adoption, fleet management, and energy efficiency.
Strategic Partnership to Accelerate Clean Mobility
According to Ted Maa, Managing Director of Private Equity Impact at Nuveen, “India’s journey toward a greener economy requires urgent solutions to reduce dependence on fossil-fuel-powered vehicles. Fabric’s modular and scalable data-energy stack plays a pivotal role in this transformation. Our climate inclusion strategy aligns perfectly with Fabric’s mission of promoting sustainable transportation and building a more energy-independent India.”
Vision for a Greener Future
Karan Makhija, Co-Founder and CEO of Fabric, expressed enthusiasm about the partnership: “Nuveen’s investment marks a major milestone in our mission to reshape India’s energy and transportation landscape. Together, we aim to create lasting environmental impact through innovation and technology.”
EV Sector on the Rise in India
India is experiencing a surge in electric mobility, backed by government incentives and a growing ecosystem of clean-tech startups. With over 300,000 EVs already connected to Intellicar’s platform, Fabric is well-positioned to play a key role in this sector’s transformation.
