Intellicar, a subsidiary of Fabric, raises $13.5M in Series A funding to boost EV adoption and innovation in India’s electric vehicle market.
In a major boost to India’s growing electric vehicle (EV) ecosystem, Fabric and its subsidiary Intellicar have announced the successful closure of a $13.5 million Series A funding round led by Nuveen, a global asset management powerhouse. This strategic investment is set to turbocharge Fabric’s efforts in scaling its innovative data and energy solutions, propelling EV adoption across the country.
✅ Strengthening the EV Backbone with Data and Energy Solutions
Founded in 2022 and headquartered in Bengaluru, Fabric has quickly positioned itself as a key player in India’s EV and automotive sectors by offering robust data-driven solutions. Through Intellicar, Fabric already manages technology for over 300,000 EVs, providing critical support across the EV value chain — from fleet management to energy optimization.
With this new funding, Fabric plans to deepen its footprint in India’s EV landscape, delivering scalable, tech-enabled solutions that directly support the nation’s green mobility goals.
✅ A Vote of Confidence from Global Investors
Ted Maa, Managing Director of Private Equity Impact at Nuveen, highlighted the urgent need to transition India’s automobile sector toward sustainability. “India’s path to a greener economy and lower CO₂ emissions must tackle its reliance on traditional automobiles,” he said. “Fabric’s rapidly deployable data and energy stack is a crucial part of that solution. Our climate inclusion strategy perfectly aligns with Fabric’s mission to enable sustainable transportation and build a more energy-independent India.”
This alignment underscores how international investors are increasingly recognizing India’s EV sector as a critical part of the global climate action movement.
✅ Leadership Committed to a Greener Future
Fabric’s Co-Founder and CEO, Karan Makhija, expressed enthusiasm about the partnership:
“Nuveen as an investor shares our vision of transforming India’s energy landscape and achieving our sustainability objectives. This partnership marks the beginning of an exciting journey toward a cleaner, greener, and more electrified world.”
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For EV, developments like these showcase the growing momentum in India’s EV sector — not just in vehicle manufacturing but also in the crucial technology and infrastructure that will define the future of mobility.
✅ The Road Ahead
With over 300,000 EVs already under Intellicar’s ecosystem and the fresh infusion of capital, Fabric is well-positioned to accelerate India’s transition to electric mobility. Their focus on integrating smart data and energy solutions is a timely intervention, especially as India races toward its target of achieving 30% EV penetration by 2030.
We believe that investments like these are not just about scaling businesses — they are about building the foundation for a cleaner, smarter, and more sustainable future.
Whoa, big moves! Intellicar’s ₹113 Cr raise means the EV game is getting serious-smart! At Nikol EV, we love seeing the ecosystem grow, we’re building smart, safe, and scalable charging for India’s roads . Let’s grow fast and wise together!
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