Tiger Global, Blume Back EV Startup Vecmocon In Its $5.2 Mn Round

Delhi NCR-based EV intelligence startup Vecmocon has raised $5.2 Mn in a Pre Series A round from Tiger Global, Blume Ventures and other prominent angel investors. 

The startup plans to use the funds to build its team, scale operations and product innovation. “We plan to utilise this fundraise to invest primarily in team and tech,” Vecmocon cofounder and CEO Peeyush Asati said in a statement.

While Blume Ventures is one of the top 20 most active early stage investors in the Indian startup ecosystem, Tiger Global generally backs late stage startups. 

This is one of those few bets by the US-based venture capital firm into the early stage startup ecosystem in India. Previously, within India, Tiger Global wrote its first early stage cheque into ecommerce enabler ShopFlo.

Founded by Asati, Adarshkumar B and Shivam Wankhede in 2016, Vecmocon offers services such as battery management systems, vehicle intelligence services, instrument clusters, motor controllers, EV chargers and more. 

The plug-and-play service is integrated into EV OEM’s products, targeting EV two-wheelers, three-wheelers, forklifts and tractors at the moment. 

With its deeptech components, Vecmocon helps OEMs adopt technology for better operations including maintenance management software, mobile-based diagnostics and fleet managers.

The backend part of EV intelligence is largely dependent on services imported from China, and very few companies are making indigenous systems. That is, despite a lot of EV makers now coming of age, the core tech part remains dependent on external factors.

Vecmocon claims that it offers a tech-first integrated hardware and software solution. The plug-and-play architecture will reduce the time to market for an OEM and would comprise at least 30% of the value chain in an EV. The company is thus eyeing a large market of $30 Bn in India alone.

It claims to have powered 5,000 EVs so far and plans to take the number to 500K+ vehicles by 2025. 

Vecmocon has previously raised $300K and competes for a bite of the $86 Bn global EV software market alongside ThingsUp, Eclimo, and more.