EV intelligence startup Vecmocon Technologies has raised $10 million (approximately INR 84.4 crore) in its Series A funding round, led by Ecosystem Integrity Fund (EIF).
The round also saw participation from British International Investment (BII) and existing investor Blume Ventures.
The Delhi NCR-based company plans to use the new funding to expand its services across multiple segments, including electric two-wheelers, three-wheelers, light commercial vehicles (LCV), and buses.
Additionally, Vecmocon will focus on growing its team and building state-of-the-art research and development infrastructure to meet the needs of the electric vehicle sector.
About Vecmocon Technologies:
Founded in 2016 by Peeyush Asati (CEO), Adarshkumar Balaraman (COO), and Shivam Wankhede (CTO), Vecmocon Technologies provides a range of EV solutions. It includes battery management systems, vehicle intelligence services, instrument clusters, motor controllers, and EV chargers.
The company claims to collaborated with major brands such as Exide, BGauss, and Battery Smart, and its solutions are powering over 70,000 vehicles on Indian roads.
Prior to this funding, Vecmocon raised $5.2 million in a pre-Series A round in October 2022, led by Tiger Global and Blume Ventures.
The startup reported an operating revenue of Rs 4.2 crore for the fiscal year ending March 2023, with a loss of Rs 41 lakh.
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With this latest funding, Vecmocon aims to accelerate its research and development efforts, particularly in high-voltage systems, energy storage systems (ESS), and 5G automotive connectivity solutions.
The startup also plans to develop zonal electronic control unit-compliant architectures and expand into new EV segments.
Vecmocon is already expanding beyond India, with operations in Sri Lanka and plans to explore markets in Southeast Asia and Africa.
CEO Peeyush Asati commented, “We aim to build a 360-degree EV ecosystem in India while extending our footprint globally.”
