Vecmocon secures $10 million as a part of its Series A

Delhi-based EV component manufacturing start-up Vecmocon Technologies has secured $10 million as a part of its Series A funding round. Lead investors include Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII). With this investment, the company aims to focus on its R&D capabilities, expanding its reach in LCV and bus segments and broadening its geographical footprint.

Earlier in October 2022, Vecmocon (short for Vector Motion Control) raised $5.2 million in pre-Series A from Tiger Global, Blume Ventures, and other angel investors. Vecmocon was incubated in 2016 at IIT Delhi by Peeyush Asati (CEO), Adarshkumar Balaraman (COO) and Shivam Wankhede (CTO). It provides solutions for electric vehicles, such as motor controllers, BMS, instrument clusters, and vehicle intelligence modules. Vecmonocon counts Exide, BGauss, and BatterySmart among its customers and claims to power more than 70,000 vehicles on Indian roads currently.

Speaking on the development Mr. Peeyush Asati, CEO of Vecmocon Technologies, said, “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.”

“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”, shared Mr. Asati while talking about Vecmocon’s global expansion plans.

Mr. Devin Whatley, Managing Partner at EIF, stated, “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. In an increasingly crowded Indian EV market, it offers its customers a key competitive edge by enabling both quicker time to market as well as higher overall performance and safety.” 

Mr. Chirantan Patnaik, Director at British International Investment sharing his excitement on the funding, said “We believe Vecmocon’s R&D DNA stands out and that the Company has the potential to be a critical supplier to EV OEMs and ecosystem players in India as well as other emerging markets.”

Mr. Arpit Agarwal, Partner at Blume Ventures, added, “What continues to impress us about Vecmocon is their remarkable agility in responding to market needs. What stands out is how they’ve built a complete ecosystem – bringing together smart software, data insights, and financial solutions.”