With this investment, Fabric and Intellicar are poised to advance scalable data and energy platforms that power India’s transition to electric mobility.
India, April 2025: Bengaluru-based technology firm Fabric, along with its subsidiary Intellicar, has secured $13.5 million in Series A funding from Nuveen, the global asset manager with over $1.3 trillion in assets under management (AUM). The strategic growth equity investment—made via Nuveen’s Private Equity Impact strategy—will accelerate Fabric’s mission to scale its advanced data and energy solutions for India’s growing electric vehicle (EV) and mobility ecosystem.
Founded in 2022, Fabric has quickly emerged as a key player in delivering data-driven innovations for the EV and automotive sectors. Its subsidiary, Intellicar, currently powers over 300,000 EVs across India, enabling smart fleet management, energy optimization, and tech adoption throughout the EV value chain. This support is critical to accelerating India’s transition to clean and connected transportation.
Nuveen’s Private Equity Impact team focuses on generating strong financial returns while tackling global challenges such as climate change and social inequality. This marks the fifth investment under its second climate inclusion strategy, which also includes partnerships with CleanPlanet, Longevity Partners, and Onepak.
India’s air quality crisis—particularly in its rapidly urbanizing cities—is a growing concern. Road transport accounts for nearly 12% of India’s energy-related CO₂ emissions, according to recent studies, and is a major contributor to urban air pollution. A 2023 study by the Indian Institute of Toxicology Research (IITR) attributed the sharp rise in pollution to increased automobile usage, with 60% of Indian cities reporting air quality levels nearly seven times worse than WHO guidelines.
By leveraging real-time EV data and sustainable energy solutions, Fabric aims to be at the forefront of India’s clean mobility revolution.
Ted Maa, Managing Director, Private Equity Impact at Nuveen, said:
“India’s journey toward a greener economy must confront its dependence on conventional vehicles. Fabric’s scalable data and energy stack offers a vital solution for accelerating EV adoption. Our investment aligns with Fabric’s mission to drive sustainable transportation and foster a cleaner, energy-resilient future for India.”
Karan Makhija, Co-Founder and CEO of Fabric, added:
“Nuveen shares our long-term vision for transforming India’s energy and mobility landscape. This funding will empower us to build next-gen technology, expand into new markets, and deepen our leadership within the EV ecosystem. Together, we aim to enable millions to embrace a cleaner, smarter, and more sustainable way of moving.”
For more information, visit fabriciot.com
