Big news for India’s electric mobility space! Bengaluru-based EV tech company Fabric, along with its wholly owned subsidiary Intellicar, has raised INR 115 crore (USD 13.5 million) in Series A funding. The investment comes from Nuveen, a US-based global asset management firm with USD 1.3 trillion in assets under management across 32 countries.
This funding announcement was made on 23 April 2025 and is a big step towards scaling Fabric’s data-driven and energy-efficient technologies that serve over 3,00,000 electric vehicles (EVs) in the Indian subcontinent. The round was closed under Nuveen’s Private Equity Impact strategy, specifically as part of its second climate inclusion initiative—a fund targeting strong financial returns alongside tackling climate change and inequality.
A Growing Force in EV Tech
Founded in 2022 by Karan Makhija and Shunmuga Krishnan Senthil Arumugam, Fabric has quickly become a leader in EV data and energy solutions. Through Intellicar, the company powers an IoT platform for EVs, enabling real-time data collection, predictive analytics and energy management.
This integrated technology stack is for stakeholders across the entire EV value chain—OEMs and fleet operators to energy grid managers. According to the company, its “rapidly deployable data and energy stack” plays a crucial role in driving mass EV adoption and modernizing India’s transport infrastructure.
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Vision and Impact
Karan Makhija, Co-founder and CEO of Fabric said:
“Nuveen shares our vision of changing the energy landscape in India and our sustainability goals. This large investment will help us develop the next generation of our technology, enter new markets and deepen our leadership in the mobility ecosystem. This partnership marks the start of an exciting journey toward a cleaner, greener, and more electrified world.”
Intellicar currently manages more than 3,00,000 connected EV assets, positioning it as one of India’s leading EV IoT service providers. The parent company, Fabric, is concurrently expanding its energy and AI-driven portfolio, focusing on delivering integrated solutions that enhance operational efficiency and sustainability.
Strategic Alignment with Climate Goals
Nuveen’s involvement aligns with broader global and national sustainability goals. The firm’s Private Equity Impact arm, led by Ted Maa, focuses on investments that bridge profitability with purpose.
“India’s path to a greener economy and lower CO₂ emissions must tackle its reliance on traditional automobiles,” said Maa. “Fabric’s data and energy infrastructure is a vital enabler of that shift. Our investment aligns with our mission to combat climate change and empower sustainable innovation.”
This is Nuveen’s fifth investment under its second climate inclusion strategy, following partnerships with firms like CleanPlanet, Longevity Partners, and Onepak.
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A Critical Time for India’s Air Quality
The announcement comes at a time when urban air pollution in India is at an all-time high. According to a 2023 report by the Indian Institute of Toxicology Research (IITR), 60% of Indian cities are reporting air quality 7 times worse than the World Health Organization’s recommended limits. Road transport contributes 12% of India’s energy related CO₂ emissions, which is what Fabric’s technology aims to reduce.
By providing real world EV insights, Fabric is uniquely placed to help policymakers and industry leaders create cleaner, more efficient mobility and energy frameworks.
Looking Ahead
With new capital and a clear vision for the future, Fabric and Intellicar are ready to deepen their presence in India’s rapidly growing EV space. As India moves towards its climate goals, innovations like Fabric will be key to changing urban mobility, energy usage and air quality across the subcontinent.
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About Fabric:
Headquartered in Bengaluru and founded in 2022, Fabric delivers end-to-end data and energy solutions tailored to the EV and automotive industries through its IoT subsidiary, Intellicar.
About Nuveen:
Nuveen, a TIAA company, is a global investment firm managing USD 1.3 trillion in assets. Its Private Equity Impact strategy focuses on investments that address climate and social challenges while delivering competitive financial returns.