Nuveen invests $13.5 million in Fabric IoT to support EV technology development • EVreporter

Nuveen, a global asset manager with $1.3 trillion in assets under management, has made a $13.5 million growth equity investment in Fabric IoT, the parent company of Intellicar. The investment was made through Nuveen’s Private Equity Impact strategy and supports technology development within the electric vehicle (EV) sector.

Fabric IoT, established in 2022 and based in India, provides data solutions for the electric vehicle (EV) and automotive sectors through its platform, Intellicar. The company currently supports over 300,000 EVs in India, collecting data on vehicle operations.

Nuveen’s Private Equity Impact strategy seeks to deliver financial returns while focusing on issues related to climate and social equity. The investment in Fabric IoT is the fifth under its second climate inclusion strategy, which also includes partnerships with CleanPlanet, Longevity Partners, and Onepak.

India is addressing air pollution challenges, particularly in urban areas, with transport-related emissions identified as a significant contributor. According to the Indian Institute of Toxicology Research (IITR) in 2023, increased automobile usage was linked to lower air quality. Sixty percent of Indian cities report air quality levels above WHO-recommended limits. Fabric IoT collects and analyzes EV data that can be used to support changes in transportation and energy usage.

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.”

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.”

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