Vecmocon Technologies, a leading provider of advanced computing solutions for electric vehicles (EVs), has raised $10 million in the first phase of its Series A funding round. The round was led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and British International Investment (BII).
The Delhi-based startup, incubated at IIT Delhi and ISB, had previously 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 this latest round. Vecmocon’s initial funding included $300,000, setting the foundation for its growth trajectory.
Founded in 2016 by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, Vecmocon focuses on developing cutting-edge technologies for the EV ecosystem. The company offers battery management systems (BMS), vehicle intelligence modules (VIM), and EV chargers, which currently power over 70,000 vehicles across India. Clients include prominent names such as Exide, BGauss, and Battery Smart.
With the new funding, Vecmocon plans to enhance its R&D capabilities in high-voltage systems, energy storage systems (ESS), 5G automotive connectivity, and Zonal ECU-compliant architectures. The company also aims to expand its team and establish state-of-the-art R&D infrastructure, targeting innovations that meet international standards for the EV industry.
Vecmocon is gearing up for global expansion, building on its existing presence in Sri Lanka and exploring opportunities in Southeast Asia and Africa.
For FY23, the company reported Rs 4.2 crore in operating revenue with a net loss of Rs 41 lakh. Its financial performance for FY24 is yet to be disclosed. Before this funding round, the founding members collectively held a 55% stake in the company.
As EV adoption accelerates globally, Vecmocon is positioning itself as a pivotal player in shaping the future of intelligent, sustainable mobility solutions.
