Vecmocon Bags INR 83 Crore in Series A Funding to Boost EV Technology
The funding marks a significant milestone for the company, following its pre-Series A round in 2022, where it secured USD 5.2 million from Tiger Global and Blume Ventures.
November 16, 2024. By Aishwarya
The round was led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and British International Investment (BII).
The funding marks a significant milestone for the company, following its pre-Series A round in 2022, where it secured USD 5.2 million from Tiger Global and Blume Ventures.
The latest investment is expected to strengthen Vecmocon’s research and development capabilities across various technological domains.
“This latest funding round will enable Vecmocon to further its R&D in high-voltage systems, energy storage system (ESS), develop Zonal ECU-compliant architectures, advance 5G automotive connectivity solutions and team expansion,” said Vecmocon CEO Peeyush Asati.
Vecmocon’s solutions, which include Battery Management Systems (BMS), Vehicle Intelligence Modules (VIM), and EV chargers, currently power more than 70,000 vehicles on Indian roads, said the company, adding that it now aims to expand its reach across electric two-wheelers, three-wheelers, light commercial vehicles (LCVs), and buses. In addition to its domestic operations, the startup is exploring opportunities in international markets.
“While focused on building a 360-degree EV ecosystem in India, Vecmocon’s reach extends internationally, with customers in Sri Lanka, and ongoing exploration in Southeast Asia and African markets,” Asati added.
“We believe Vecmocon is well-positioned to ride the tailwinds of growing EV adoption in India and lead the EV intelligence movement in the country,” said Devin Whatley, Managing Partner, EIF.
Chirantan Patnaik, Director at British International Investment, said: “With EV penetration in India set to rise significantly, we believe there is a strong need to develop expertise in designing computing elements that make EVs efficient and allow the entire ecosystem to leverage insights to enhance performance and accessibility across masses.”
India’s automotive electronics sector, particularly in software, remains in a nascent stage. Many Indian original equipment manufacturers (OEMs) have historically depended on foreign suppliers for critical computing components.
The company said it aims to address this gap by leveraging its expertise in power electronics, embedded design, connectivity, and data science.
Established in 2016 at IIT Delhi, Vecmocon was founded by CEO Peeyush Asati, COO Adarshkumar Balaraman, and CTO Shivam Wankhede. The company has grown to a team of over 180 associates and operates from major cities including Delhi, Bangalore, Chennai, and Lucknow.
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