Fabric IoT and its subsidiary Intellicar have raised $13.5 million in its Series A funding round from Nuveen, an American asset manager and wholly owned subsidiary of financial planning firm TIAA.
This is the fifth investment on behalf of Nuveen’s second climate inclusion strategy, which recently announced similar partnerships with CleanPlanet, Longevity Partners and Onepak.
The fresh funds raised will be used to scale its cutting-edge data and energy solutions.
Karan Makhija, Co-Founder and CEO of Fabric IoT, said, “Nuveen as an investor shares our vision of transforming India’s energy landscape & sustainability objectives. This sizeable 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.”
Ted Maa, Managing Director of Private Equity Impact at Nuveen, said, “India’s path to a greener economy and lower CO2 emissions must tackle its reliance on traditional automobiles. Fabric IoT’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.”
Founded in 2022 by Karan Makhija and Shunmuga Krishnan Senthil Arumugam, Fabric IoT and its subsidiary Intellicar, provides forward-looking technology to the electric vehicle (EV) ecosystem, on behalf of its Private Equity Impact strategy.
Fabric IoT delivers data solutions for the EV and automotive industry through Intellicar, which currently serves 300,000+ EVs, enabling reduced carbon emissions and environmental impact across millions of green kilometres each month.
