[Update] Vecmocon Closes Series A Funding At $18 Mn

Update| June 09, 03:26 PM

EV intelligence startup Vecmocon Technologies has closed its Series A funding round at $18 Mn co-led by Ecosystem Integrity Fund and Aavishkaar Capital, with participation from BII. 

Notably, of the total amount, the company raised about $10 Mn in November last year. 

The latest fundraise will help the company to expand its market presence, advancing capabilities in embedded design, power electronics, IoT and data science.

Original| June 06, 07:00 PM

EV intelligence startup Vecmocon Technologies is set to raise INR 74 Cr (around $8.7 Mn) in a funding round led by Aavishkaar Capital and existing backers Ecosystem Integrity Fund (EIF) and Blume Ventures.

The round includes both primary and secondary deals. In the primary round, Vecmocon will raise INR 50.4 Cr by issuing new shares, according to its regulatory filings.

While EIF is infusing INR 21 Cr, Aavishkaar will be investing the rest.

On the secondary side, early investor Tessellate Tech Ventures is exiting fully, selling its 2.97% stake for INR 15.85 Cr. Notably, Tessellate originally invested INR 1.5 Cr, making a return of over 10X.

The development was first reported by Entrackr.

Other investors making the exits include Tina Goyal, Nishit Aggarwal and Satyam Darmora. The company’s co-founders are also selling a small portion of their shares. The total value of the secondary sale is INR 23.7 Cr, with Blume and Aavishkaar buying out the shares.

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

This latest funding comes after the startup’s $10 Mn Series A funding round in 2024, led by EIF and joined by British International Investment and Blume. 

Notably, the funding also comes on the heels of the Indian EV market is also growing quickly, pushed by rising fuel prices, government incentives, and interest in cleaner transport. 

However, even with the strong growth, EV startups saw a drop in funding last year—$624 Mn raised across 43 deals in FY24, down 31% from the previous year. The focus now is on solving core problems: charging infrastructure, battery performance and cost.

Vecmocon fits into this shift. Instead of building EVs themselves, they supply the tech that makes them run, which is what the ecosystem severely lacks currently.