Fabric and Intellicar Raise USD 13.5 Mn from Nuveen to Boost EV-Enablement Tech The capital infusion will be used to scale Fabric's next-generation data and energy solutions, crucial for advancing India's rapidly growing electric mobility ecosystem.

By Entrepreneur Staff

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Fabric and Intellicar

Fabric and its subsidiary Intellicar have secured USD 13.5 million in Series A funding from Nuveen, a global asset manager with USD 1.3 trillion in assets under management. The capital infusion will be used to scale Fabric's next-generation data and energy solutions, crucial for advancing India's rapidly growing electric mobility ecosystem.

Headquartered in Bengaluru, Fabric was founded in 2022. Its subsidiary, Intellicar, delivers robust EV IoT and data platforms that currently power over 300,000 electric vehicles across India. Together, the companies offer a comprehensive suite of technologies aimed at streamlining energy and data management for EV stakeholders—from fleet operators to OEMs.

"This sizeable investment will enable us to accelerate the development of the next generation of our technology, open newer markets, and deepen our market leadership in India's mobility ecosystem," said Karan Makhija. "Nuveen shares our vision of transforming India's energy landscape and sustainability objectives."

Ted Maa, Managing Director of Private Equity Impact at Nuveen, added, "Fabric's rapidly deployable data and energy stack is a crucial part of the solution in driving widespread EV adoption. Our investment aligns with Fabric's mission to enable individuals and businesses to embrace sustainable transportation."

Nuveen's investment, made via its Private Equity Impact strategy, supports the company's climate inclusion goals and complements recent partnerships with CleanPlanet, Longevity Partners, and Onepak.

With Intellicar's leadership in EV IoT and Fabric's growing energy and AI portfolio, the company is positioned as a key player in India's EV transition—offering integrated solutions that enhance efficiency and sustainability at scale.
Entrepreneur Staff

Entrepreneur Staff

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