Bengaluru-based technology companies Fabric and its subsidiary Intellicar have raised USD 13.5 million in Series A funding. The investment comes from Nuveen, a global asset manager with over USD 1.3 trillion in assets under management. This funding will help the companies expand their advanced energy and data solutions, which are essential to India’s fast-growing electric vehicle sector.
Nuveen Backs EV Technology Expansion in India
Nuveen’s support comes through its Private Equity Impact strategy, which focuses on climate inclusion and sustainable innovation. The investment will help Fabric and Intellicar boost their technology capabilities, enter new markets, and enhance their leadership in India’s mobility and energy transition. The investment also aligns with Nuveen’s global strategy, which includes partnerships with sustainability-focused companies like CleanPlanet, Onepak, and Longevity Partners.
Founded in 2022, Fabric has rapidly become a key name in the energy-tech space. Its subsidiary, Intellicar, is already delivering EV IoT and data solutions to more than 300,000 electric vehicles across India. Together, these companies offer complete solutions for managing EV data, energy use, and operational efficiency. Their technologies support a wide range of customers—from fleet operators to electric vehicle manufacturers.
Fabric Plans to Scale Next-Generation EV Technology
With the new funding, Fabric aims to further develop its next-generation energy and data stack for electric mobility. The company will focus on improving technology, expanding into new markets, and supporting India’s growing demand for clean transportation. Karan Makhija, representing Fabric, stated that the investment will help speed up innovation and strengthen their presence in India’s EV ecosystem.
Ted Maa, Managing Director of Private Equity Impact at Nuveen, emphasized that Fabric’s data and energy solutions are crucial to India’s electric vehicle growth. He noted that their technology can be quickly deployed, making it easier for people and businesses to adopt EVs. Nuveen’s investment not only brings financial support but also aligns with Fabric’s mission to help India move toward a sustainable transportation future.
By combining Intellicar’s leadership in EV IoT and Fabric’s growing energy and artificial intelligence offerings, the two companies are well-positioned to become a central part of India’s electric mobility journey. Their integrated approach focuses on building scalable, sustainable solutions that enhance the experience and efficiency for all electric vehicle stakeholders.
