Vehicle intelligence company Vecmocon Technologies has raised $10 million in the first phase of its Series A funding round, led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and British International Investment (BII).
Previously, Vecmocon raised $5.2 million in a pre-Series A round from Tiger Global and Blume Ventures in October 2022. However, Tiger Global did not participate in the latest round. The Delhi-based startup had earlier raised $300k and was incubated at IIT Delhi and ISB.
Vecmocon plans to use the new funding to strengthen its R&D capabilities in high-voltage systems, energy storage systems (ESS), 5G automotive connectivity, and Zonal ECU-compliant architectures. According to a press release, the company also aims to expand its team and establish international-standard R&D infrastructure for the electric vehicle (EV) sector.
Founded in 2016 at IIT Delhi by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, Vecmocon provides advanced computing solutions for EVs, including battery management systems (BMS), vehicle intelligence modules (VIM), and EV chargers. Its products currently power over 70,000 vehicles on Indian roads, serving clients like Exide, BGauss, and Battery Smart.
The company is also pursuing global expansion, with existing customers in Sri Lanka and plans to explore Southeast Asian and African markets.
For the fiscal year ending March 2023 (FY23), Vecmocon reported Rs 4.2 crore in operating revenue with a loss of Rs 41 lakh. FY24 financial details are yet to be disclosed.
Before this round, the founding members collectively held nearly 55% stake in Vecmocon. According to startup data intelligence platform TheKredible, Blume Ventures and Tiger Global owned 12% and 10%, respectively.
Desk
Verified JournalistDiscover the latest startup, business, and funding news. Get insights on trends, IPOs, mergers, and acquisitions. Perfect for entrepreneurs, investors.
