Fabric and subsidiary Intellicar secure $13.5M from Nuveen in Series A round
The Bengaluru-based company plans to use the fresh funds to scale its cutting-edge data and energy solutions.
Fabric and its subsidiary Intellicar on Wednesday said that they bagged $13.5 million funding in its Series A round from asset management firm Nuveen.
The raised capital will enable the technology company to further scale its cutting-edge data and energy solutions, Fabric said in a statement.
“This sizable 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. This partnership marks the start of an exciting journey toward a cleaner, greener, and more electrified world,” said Karan Makhija, Co-Founder and CEO, Fabric.
The funding also marks Nuveen Private Equity Impact’s fifth investment on behalf of Nuveen’s second climate inclusion strategy, which had recently announced similar partnerships with Longevity Partners, CleanPlanet, and Onepak.
Bengaluru-based Fabric, which was founded in 2022, delivers data solutions for the EV and automotive industry through Intellicar, which currently serves more than 3 lakh EVs.
“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,” said Ted Maa, Managing Director, Private Equity Impact at Nuveen.