Vecmocon Pockets $10 Mn To Capitalise On EV Offerings

EV intelligence startup Vecmocon Technologies has secured $10 Mn (around INR 84.4 Cr) in its Series A funding round led by Ecosystem Integrity Fund (EIF).

The round also saw participation from British International Investment (BII), along with existing investor Blume Ventures.

The Delhi NCR-based company plans to deploy the fresh proceeds to expand into other segments, including electric two-wheeler, three-wheeler, light commercial vehicle (LCV) and bus.

Founded by Peeyush Asati, Adarshkumar B and Shivam Wankhede in 2016, Vecmocon offer services, including battery management systems, vehicle intelligence services, instrument clusters, motor controllers and EV chargers among others.

It claims to be working in collaboration with brands such as Exide, BGauss and Battery Smart. Also, the company said its solutions power more than 70,000 vehicles on Indian roads currently.

“This latest funding round will enable Vecmocon to further its research and development in high-voltage systems, energy storage system (ESS), develop zonal electronic control unit-compliant architectures, advance 5G automotive connectivity solutions and team expansion,” Asati said.

He added that part of the capital will also be used for establishing international-standard research and development infrastructure for the electric-automotive sector.

In 2022, Vecmocon raised $5.2 Mn in a Pre Series A funding round from Tiger Global and Blume Ventures, along with a clutch of angel investors.

This also comes at a time when many Indian EV startups such as Ather Energy, Altigreen, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility.

On that ground, startups with an aim to scale their research and operations have gained traction from investors this year.

For instance, in February, commercial electric vehicle financing startup Vidyut raised $10 Mn (around INR 83 Cr) to scale its business as a full-stack EV enabler offering services ranging from EV insurance, vehicle lifecycle management to EV resale.

In August, electric mobility startup Kazam raised $5 Mn (INR 42.5 Cr) to fuel its growth and expansion plans.

The Indian EV market houses a large number of small as well as large EV startups, which is projected to reach $110.74 Bn by 2029, as per Mordor Intelligence data.