EV solutions provider Fabric, subsidiary Intellicar bags .5 million in Series A funding

Founded in 2022, Fabric is a data solutions firm specialising in the EV ecosystem

Mumbai based EV solutions provider Fabric and its subsidiary Intellicar have raised $13.5 million in Series A funding from global asset manager Nuveen. The funds will be used to scale the company’s EV IoT and data solutions.

Founded in 2022, Fabric is a data solutions firm specialising in the EV ecosystem. Through its subsidiary Intellicar, the company leads the adoption of IoT and data technologies across the entire EV value chain, crucial to the EV adoption process in India.

“The sizable investment from Nuveen will enable us to accelerate the development of the next generation of our technology, opening up newer markets and also deepen our market leadership in the mobility ecosystem within India while empowering millions to embrace sustainable transportation. This partnership marks the start of an exciting journey toward a cleaner, greener, and more electrified world,” said Karan Makhija, Founder and CEO of Fabric.

Nuveen is a US based private equity firm that has $1.3 trillion in assets under management in 32 countries. Its top competitors include companies like AlphaSense, Fidelity Investments and Investec.

The funding is on behalf of Nuveen’s Private Equity Impact Strategy that aims to generate strong financial returns while addressing two key sustainability challenges-climate change and inequality.

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.”

(With inputs from businessline intern Rohan Das)