New Delhi-based EV startup Vecmocon has raised $5.2 million in a funding round led by US-based Tiger Global, Blume Ventures, and other prominent angel investors.
The IIT Delhi & ISB-incubated startup plans to use the raised capital to invest in team building, business expansion, scaling up operations, and product innovation.
Founded by Peeyush Asati, Adarshkumar B, and Shivam Wankhede, Vecmocon said it 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 startup manufactures components that have software embedded in them making the vehicle internet-enabled. It claims that over 100,000 EVs will be made using its part by the end of this year.
“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,” said Peeyush Asati. “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 utilise this fundraise to invest primarily in team and tech.”
Speaking on the investment, Connie Lee, Partner at 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. 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 of Blume Ventures, stated, “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.
Source @Indianstartupnews
