PC: TechCrunch
Delhi-based vehicle intelligence firm Vecmocon Technologies claims to have raised $10 million in the initial tranche of its Series A funding. The round saw EIF leading it, along with participation from investors of the likes of Blume Ventures and British International Investment (BII). In the recent fundraise, Vecmocon further accelerated its growth trajectory as it looks to add strengthening its capacity for research and development as well as expanding the marketplace presence.
Founders of the company, Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, in the year 2016, when they were at IIT Delhi, Vecmocon is a leader in electric vehicle technology. Designing computing solutions for EVs, BMS, vehicle modules, and chargers, the company is on the right path. Its products are innovatively built for more than 70,000 vehicles on Indian roads, and the company has accumulated an incredibly strong client base, including industry leaders Exide, BGauss, and Battery Smart.
Before this round, Vecmocon had secured $5.2 million in the pre-series A round back in October 2022 with Tiger Global and Blume Ventures. Tiger Global did not fund the current round. This shift in the investor landscape speaks to what several venture capital firms have been keenly interested in-the emerging vehicle intelligence and the EV sectors, respectively.
The newly raised capital will serve as a lifeline to power Vecmocon’s goal of R&D upliftment, focusing on high-voltage systems, ESS, and 5G automotive connectivity. Next, the startup would build zonal ECU compliant architectures that would be very crucial for next-generation electric vehicles. In addition to that, Vecmocon will add strength and create international-standard R&D infrastructure in support of its ambitious plans.
Vecmocon is highly dedicated to innovativeness-the company advances with a vision of global expansion, currently supporting Sri Lanka; it is now exploring potential in Southeast Asia and Africa. All this stretches the boundary of how many international destinations one can achieve in the EV scenario. The global market is gaining more prominence as the world widely requires electric vehicles and similar technologies.
Vecmocon’s FY23 financials stood at ₹4.2 crore in terms of operating revenue; it reported a loss of ₹41 lakh. With FY24 fiscal numbers yet to be disclosed, the company is on track with regard to its trajectory considering its recent funding and its addition of multiple products.
The latest funding also has its echoes through the ownership pattern of the company. This round, however, made the founding members hold nearly 55% of Vecmocon while other backers Blume Ventures and Tiger Global held stakes of 12% and 10%, respectively.
With the advancement of technological capabilities and the expansion of its market presence, Vecmocon stands at the pinnacle of the revolution in vehicle intelligence, contributing greatly to the shift of the industry into sustainability and efficiency. A startup that continues to emphasize innovation and partnership to aggressively exploit the growing demand for electric vehicles and advanced automotive solutions, it stands strong in this position.
The fact that the company raised successful Series A funding for $10 million underscores its great potential in the vehicle intelligence space. Having a clearer and more defined vision for growth, Vecmocon is now gearing up to make strides in the electric vehicle sector and seek to enable the rest of the world with cleaner and more intelligent transportation solutions.
