Fabric IoT

About Fabric IoT

Fabric IoT, incorporated in February 2022, is a Bengaluru, India-based technology company developing data and energy management infrastructure to support the transition to electric mobility. The company was founded by Karan Makhija (CEO), Sidharth Middela (VP Engineering), and Shunmuga Krishnan Senthil Arumugam (CTO). The founding team has a significant history in the IoT space, having previously established Intellicar in 2015, which focused on IoT for internal combustion engine vehicles. After selling Intellicar to TVS Motor in 2020, the founders recognized the growing opportunity in the electric vehicle market and reacquired the company in 2022 for INR 45 Cr, housing it under the newly formed Fabric IoT to pivot towards EV-focused solutions.

The firm operates on a multifaceted business model centered on providing the necessary data and energy infrastructure for the EV ecosystem. Its target clients include OEMs, fleet operators, battery manufacturers, and finance and leasing companies within the Indian market. Revenue is generated through several streams, including direct sales of IoT hardware, recurring subscriptions to its Software-as-a-Service (SaaS) platform, and data monetization from the vast amount of information collected from connected assets. A significant milestone was achieved in April 2025, when Fabric IoT secured $13.5 million in a Series A funding round led by the global asset manager Nuveen, marking its first institutional investment. This capital is intended to scale its data and energy solutions.

Fabric IoT's core offerings are divided into distinct product lines. Through its Intellicar brand, the company provides operational intelligence solutions that enable EV companies to become IoT-ready, supporting real-time monitoring and analytics for a large number of connected vehicles. Its SaaS platform facilitates this by offering tools for analytics, monitoring, and management. Another key component is its Buzz Energy division, which is focused on creating a widespread energy network for EV charging in homes, offices, and commercial areas to promote broader EV adoption. By addressing both the data management and energy provision sides, Fabric IoT aims to provide a comprehensive infrastructure that supports operational intelligence and convenient charging access, positioning itself as a key enabler in India's clean technology and smart transportation sectors.