Vecmocon, a deeptech EV solutions startup, has raised $5.2M in funding from Tiger Global, Blume Ventures and prominent strategic angels.

The startup plans to utilise this fundraise to invest in team building, business expansion, scaling up operations, and further product innovation. 

Vecmocon | Making Smart, Connected and Electric Mobility

Founded by Peeyush Asati, Adarshkumar B and Shivam Wankhede in 2016, Vecmocon is a Delhi-based company manufacturing components that have software embedded in them, making the vehicle internet-enabled.

Incubated at IIT Delhi & ISB, the Delhi-based company is on a mission to empower EV OEMs and other ecosystem players with access to state-of-the-art technology and best-in-class reliable components.  It makes cutting-edge mobility solutions that help OEMs get access to next-generation components which are both robust and field-tested. 

Speaking about the development, Peeyush Asati, Co-founder & CEO, said,

“EV mass adoption is not a product story but an ecosystem story. Robustness, reliability, and service are at the core of this story which we at Vecmocon are building. With our state-of-the-art solution and data-centric approach, we are working with the mission to deliver a truly smart, connected, and reliable platform for the world. We plan to utilize this fundraise to invest primarily in team and tech.”

Vecmocon’s intelligent and connected Battery Management Systems, Vehicle Intelligence Modules, Motor Controllers, and other products power 5000 EVs, with a target of getting into 500k vehicles by 2025. 

It also helps OEMs manage their operations better by offering unique maintenance management software, complete with mobile-based diagnostics and a fleet manager. 

The development comes at a time when VCs are increasingly looking and investing in the EV segment. This is the fourth EV startup Tiger Global has backed, the second in 2022. In June 2022, Tiger Global led a $25 million funding round in Battery Smart, in which Blume Ventures and Orios Ventures also participated.

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