Vecmocon raises INR 83 crore in Series A funding to boost EV technology

Vecmocon Technologies, a vehicle intelligence and battery management company based in Delhi, raised USD 10 million (INR 83 crore) in the first part of its Series A financing round. Blume took part in the round, which was led by British International Investment (BII), Ventures, and the Ecosystem Integrity Fund (EIF).

Blume Ventures and Tiger Global committed USD 5.2 million to the business round in 2022, which marks a significant milestone following its pre-Series A funding.

Vecmocon’s research and development is anticipated to be strengthened by the most recent funding talents in a range of technological fields.

More than 70,000 vehicles on Indian roads are currently powered by Vecmocon’s solutions, which include Battery Management Systems (BMS), Vehicle Intelligence Modules (VIM), and EV chargers. According to the company, it is currently working to expand its product line to include electric buses, light commercial vehicles (LCVs), three-wheelers, and two-wheelers. In addition to its domestic operations, the business is exploring opportunities in international markets.

The term “Vector motion control” provides the origin of the term “Vecmocon.” Vecmocon Technology Pvt Ltd, a startup recognized by DIPP, aims to transform the existing EV market.

The story started in August 2016 when Vecmocon was incubated at IIT Delhi, India. It was also part of the Accelerator program at the Indian School of Business. The company was founded by Anna University, ISB, IIT Kanpur, and IIT Delhi alumni. Vecmocon was established in 2016 at IIT Delhi by CTO Shivam Wankhede, COO Adarshkumar Balaraman, and CEO Peeyush Asati. The company, which has offices in major cities including Delhi, Bangalore, Chennai, and Lucknow, currently employs over 180 individuals.

India’s automotive electronics sector is still in its infancy, especially in the software sector.
In the past, a large number of Indian OEMs have relied on foreign vendors for essential computer components.

By utilizing its knowledge of power electronics, embedded design, networking, and data science, the company stated that it hopes to close this gap.