India, April 24 -- Deeptech startup Intellicar Telematics' parent entity Fabric IoT has raised $13.5 Mn (about INR 115 Cr) in its Series A funding round from American asset manager Nuveen. In a statement, the EV fleet IoT solutions provider said that the fresh round of funding will enable it to scale its data and energy solutions.

This marks the first fundraise for Fabric IoT, which was set up by Intellicar founders Karan Makhija, Sidharth Middela and Shunmuga Krishnan in 2022. Interestingly, the trio founded Intellicar in 2015.

Five years into its operations, Intellicar was acquired by TVS Motor for INR 15 Cr in 2020. While working under the TVS umbrella, the founders decided to pivot the startup's internal combustion engine vehicles a...