Bengaluru’s EV Solutions Provider Fabric Secures $13.5 Mn in Series A Funding Round

Bengaluru-based EV solutions provider Fabric and its subsidiary Intellicar raised $13.5 million in Series A funding from global asset manager Nuveen, the company said in an official statement on Wednesday. The company will use the fresh capital to scale its EV IoT and data solutions.

“This investment 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,” said Fabric CEO and cofounder Karan Makhija.

Fabric, founded in 2022, is a data-driven solutions company focused on accelerating India’s electric vehicle revolution. Operating through its subsidiary Intellicar, it is spearheading the integration of IoT and data technologies across the EV value chain --- a critical enabler for widespread EV adoption in the country.

With over 300,000 connected EV assets, Intellicar leads in EV IoT and data solutions, while Fabric’s expanding energy and AI portfolio reflects a bold stride toward a smarter, sustainable future. The company’s integrated approach unlocks new efficiencies for EV businesses at scale.

“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,” said Ted Maa, Managing Director of Private Equity Impact at Nuveen.

Currently, India is facing significant air pollution challenges, particularly in urban centres, further fuelled by rapid urbanization. For example, road transport accounts for 12% of India’s energy-related CO2 emissions and is a key contributor to urban air pollution.