Fabric and its subsidiary Intellicar have secured $13.5 million in Series A funding from Nuveen, a global asset manager, to scale its data and energy solutions for the electric vehicles (EV) and automotive industry in India.
The investment, made by Nuveen’s Private Equity Impact strategy, will help Fabric expand its reach in the EV sector, where Intellicar already serves over 300,000 EVs.
Fabric, founded in 2022 and based in Bengaluru, India, focuses on providing data solutions for the EV and automotive industries. Through its subsidiary, Intellicar, the company has established a presence in the EV sector, supporting the adoption of technology across the EV value chain.
Ted Maa, Managing Director of Private Equity Impact at Nuveen, said “India’s path to a greener economy and lower CO2 emissions must tackle its reliance on traditional automobiles. Fabric’s rapidly deployable data and energy stack is a crucial part of that solution in driving the widespread adoption of EVs. Nuveen’s climate inclusion strategy and its investment philosophy is fully aligned with Fabric’s mission of enabling individuals and businesses to embrace sustainable transportation and contributing to a cleaner, more energy-independent India.”
Fabric’s Intellicar currently serves over 300,000 EVs. The company enables the adoption of technology across the entire EV value chain.
Karan Makhija, Co-Founder and CEO of Fabric, stated “Nuveen as an investor shares our vision of transforming India’s energy landscape & sustainability objectives. This partnership marks the start of an exciting journey toward a cleaner, greener, and more electrified world.”
