DeepTech EV Solutions company Vecmocon has raised $5.2M in funding from Tiger Global, Blume Ventures and prominent strategic angels. The company is based out of Delhi and had previously raised $300k and was also incubated at IIT Delhi & ISB. Vecmocon aims to utilise this fundraise to invest into team building, business expansion, scaling up of operations and further product innovation.
Vecmocon is on a mission to empower the EV OEMs and other ecosystem players with access to state-of-the-art technology and best-in-class reliable components. The company engineers future-ready solutions for the next generation of electric vehicles.
The EV industry has been booming in the country with multiple policies and incentives by the government in the favour of EV adoption. As per multiple reports, the market of light EV industry comprising 2Ws, 3Ws, forklifts, tractors, etc is estimated to be $500B by 2030 and India alone would be $100B.
Vecmocon’s technologically advanced integrated hardware and software solution would account for at least 30% of an EV’s value chain and serve a $30 billion market in India alone. The motor controller, vehicle intelligence module, battery management system, and charger are some of their key items that are essential to an EV and control the performance, dependability, and safety of the vehicle. Vecmocon’s solutions save an OEM’s time to market since they have created a plug-and-play architecture for developing high-quality, low-risk products that are also equipped with a full software stack for fleet management, upkeep, and service.
Vecmocon was founded in 2016 by Peeyush Asati, Adarshkumar B and Shivam Wankhede. The core team comes with expertise in battery modelling, components design, systems architecture, embedded software and data science.
Commenting on the latest funding 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.”
Connie Lee, Partner, Tiger Global, said: “We are impressed with the deep commitment and progress that Peeyush, Adarshkumar and Shivam have made to solve long-term problems in India’s EV industry, and we are excited to partner with them as they build a high-quality global automotive tech company to support the adoption of EVs.”
Arpit Agarwal, Director, Blume Ventures, added, “An electric vehicle is a technologically advanced product. For the larger number of OEMs, it is hard to develop the expertise to design and perfect the software and hardware components like a BMS or VIM. Such customers stand to win greatly by adopting Vecmocon’s platform which allows them to launch high-performance vehicles faster to the market. Over the last 5 years, Vecmocon has built a unique capability to engineer such data intensive components and deliver a highly robust and safe system.”