Global asset manager Nuveen has made a growth equity investment in Fabric IoT, an Indian technology company powering the electric vehicle (EV) ecosystem, as part of its private equity impact strategy focused on climate and inclusion.
The deal marked the fifth investment from its second climate inclusion strategy and highlights growing institutional interest in enabling technologies for clean mobility.
Fabric IoT, founded in 2022, is the parent company of Intellicar—a platform serving over 300,000 EVs in India. By offering advanced data solutions to EV manufacturers and operators, Intellicar supports cleaner mobility and helps reduce the sector’s carbon footprint. With road transport accounting for around 12% of the nation’s energy-related CO₂ emissions, the need for data-driven EV infrastructure is becoming urgent, highlighted the asset manager.
Through the Nuveen Private Equity Impact strategy, the firm aims to combine financial returns with measurable social and environmental outcomes. Previous investments from this strategy include companies like CleanPlanet and Onepak, which also focus on circular economy and low-carbon transitions.
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By backing Fabric IoT, Nuveen is betting on the transformative potential of digital infrastructure to accelerate India’s shift toward sustainable mobility. The firm sees EV enablement —via real-time insights, efficiency optimisation and smarter fleet management— as central to long-term decarbonisation goals.
Ted Maa, managing director of private equity impact at Nuveen, commented: “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 are 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, added: “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 deepening 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.”
