Deeptech EV solutions startup Vecmocon has raised $5.2 million from Tiger Global and Blume Ventures. The Delhi-based startup had previously raised $300k and was also incubated at IIT Delhi and ISB.
According to Vecmocon, the funds will be used to invest into team building, business expansion, scaling up of operations and further product innovation.
Founded by Peeyush Asati, Shivam Wankhede and Adarshkumar B, Vecmocon makes mobility solutions that help OEMs get access to next generation components which are field-tested. As per the company, it helps OEMs manage their operations better by offering maintenance management software, complete with mobile-based diagnostics, and a fleet manager.
The five-year-old company’s core team comes with expertise in battery modelling, components design, systems architecture, embedded software and data science. The startup claims to have powered more than 5k vehicles working with multiple OEMs and aspires to power more than 500k vehicles by the end of 2025.
This is the second investment for Tiger Global in an Indian EV startup in 2022. The New York-based fund had led a $25 million round in Gurugram-based Battery Smart in June. Blume Ventures also participated in the round. Previously, Tiger had invested in Ather Energy and Ola Electric but did not participate in their new rounds in 2022. Blume Ventures, on the other side, is one of the most active investors in the EV segment with Yulu, ElectricPe, Euler Motors and Battery Smart in its portfolio.
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 Fintrackr’s data, there is a rising trend of investment in EV and EV-focused startups since 2020. The year 2020 recorded $195 million investment whereas 2021 saw $570 million, and 2022 has seen $673 million in funding so far.