Deeptech EV solutions startup Vecmocon bags $10M in first phase of Series A funding
The funding round was led by Ecosystem Integrity Fund, along with participation from Blume Ventures and British International Investment.
Deeptech EV solutions startup Vecmocon has raised $10 million in the first phase of its Series A funding round led by Ecosystem Integrity Fund, along with participation from Blume Ventures and British International Investment.
The company, which powers more than 70,000 vehicles across major cities, plans to use the funds to expand its reach in the electric two-wheelers, three-wheelers, light commercial vehicles, and buses segments.
“This latest funding round will enable Vecmocon to further its R&D in high-voltage systems, energy storage system, develop Zonal ECU-compliant architectures, advance 5G automotive connectivity solutions and team expansion," said Peeyush Asati, CEO of Vecmocon Technologies.
"With strategic support from global investors, the company is dedicated to creating world-class EV solutions in India for the global market. A part of the capital will also be directed toward establishing international-standard R&D infrastructure for the electric-automotive sector,” he added.
Vecmocon was incubated in 2016 at the Indian Institute of Technology Delhi by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede. The startup's clients include battery manufacturer Exide and battery-swapping operator Battery Smart.
Asati said that while building the EV ecosystem in India, the company’s reach extended internationally with customers in Sri Lanka. The company is also exploring entry into Southeast Asia and Africa.
Vecmocon last raised $5.2 million from Tiger Global and Blume Ventures in 2022 as part of its pre-Series A round.
“What continues to impress us about Vecmocon is their remarkable agility in responding to market needs. Their rapid expansion across major industry partnerships validates their position as a leading vehicle intelligence company," said Arpit Agarwal, Partner at Blume Ventures.
"What stands out is how they've built a complete ecosystem—bringing together smart software, data insights, and financial solutions. This bold vision and strong execution reinforce our belief in Vecmocon's ability to reshape the EV industry," he added.
Edited by Swetha Kannan