In a significant step toward revolutionizing the electric vehicle (EV) ecosystem, Fabric and its subsidiary, Intellicar, have successfully raised $13.5 million in a Series A funding round led by Nuveen. This marks the fifth investment under Nuveen’s second climate inclusion strategy, which has also backed notable initiatives like CleanPlanet, Longevity Partners, and Onepak.
Founded in 2022 by Karan Makhija and Shunmuga Krishnan Senthil Arumugam, Fabric and Intellicar are at the forefront of delivering innovative technologies that bridge the gap between energy management and data solutions for the EV sector. With over 300,000 connected EV assets, Intellicar is already a leader in providing cutting-edge IoT and data services tailored specifically for electric vehicles. Meanwhile, Fabric continues to expand its energy and AI-powered offerings, creating integrated solutions that are poised to scale across the EV industry.
The $13.5 million funding will fuel the growth of Fabric’s data and energy solutions, which are crucial in enabling businesses to operate more efficiently as the EV market continues to evolve. By combining energy management with seamless data integration, Fabric aims to unlock new levels of efficiency for EV businesses, driving greater adoption of sustainable transportation.
“With the new funding, we plan to continue innovating at the intersection of data and energy, supporting the adoption of electric vehicles and contributing to a cleaner, more energy-independent India,” said the founders of Fabric. The company’s rapid deployment of its data and energy stack will be instrumental in supporting the widespread adoption of electric vehicles, an essential step in reducing the country’s carbon footprint.
Currently, road transport accounts for 12% of India’s energy-related CO2 emissions, underlining the need for sustainable transportation solutions. Through Intellicar’s comprehensive data offerings for the EV and automotive industry, Fabric is accelerating the adoption of clean technology across the entire EV value chain. The company’s mission is to empower individuals and businesses to embrace electric vehicles, contributing to a greener future and reducing dependency on traditional energy sources.
As Fabric continues to evolve, it remains committed to its vision of reshaping the future of mobility and energy, driving India toward a more sustainable, cleaner tomorrow.
