Nuveen, the global asset manager with $1.3 trillion in assets under management, has made a strategic growth equity investment in Fabric IoT — the parent company of Intellicar — through its Private Equity Impact strategy.
Founded in 2022 and headquartered in India, Fabric IoT has established a strong reputation for delivering advanced data solutions to the EV and automotive sectors. Its subsidiary, Intellicar, currently supports over 300,000 electric vehicles, helping drive significant reductions in carbon emissions and promoting greener mobility across millions of kilometers each month.
This investment reflects Nuveen’s commitment to supporting enabling technologies that drive sustainable growth within India’s rapidly expanding EV landscape.
The Nuveen Private Equity Impact team aims to generate strong financial returns and address two of the greatest sustainable development challenges of our time: climate change and inequality. 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.
India is facing significant air pollution challenges particularly in urban centres, further fuelled by rapid urbanisation. For example, road transport currently accounts for 12% of India’s energy-related CO2 emissions and is a key contributor to urban air pollution.
The Indian Institute of Toxicology Research (IITR) in 2023 found that the leading cause of air pollution was linked to an increase in automobiles which further resulted in a decline in air quality scores; 60% of Indian cities report air qualities 7x worse than World Health Organization (WHO) guidelines. By leveraging real-world EV insights and proven sustainability solutions, Fabric IoT is well poised to lead the country’s transition to cleaner, smarter transportation.
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.”
