Friday, December 02, 2022
Outlook.com
Outlook India
Outlook Business
+

Vecmocon raises $5.2 million from Tiger Global, Blume Ventures

The Delhi-based deep-tech electric vehicle solutions company has powered over 5,000 vehicles and aspires to power more than five lakh vehicles by the end of 2025

Vecmocon raises $5.2 million from Tiger Global, Blume Ventures
Vecmocon's co-founders Adarshkumar B, Peeyush Asati and Shivam Wankhede
POSTED ON October 14, 2022 10:43 AM

Deep-tech electric vehicle (EV) solutions company Vecmocon has raised $5.2 million in funding from Tiger Global, Blume Ventures and other strategic angels. Vecmocon aims to utilise this fundraise to invest in team building, business expansion, scaling up of operations and further product innovation. 

The New Delhi-based company, incubated at IIT Delhi and the Indian School of Business, had previously raised $3,00,000. It is on a mission to empower the EV original equipment manufacturer (OEMs) and other ecosystem players with access to technology and reliable components.

The EV industry has been booming in the country with multiple policies and incentives by the government favouring its adoption. As per numerous reports, the market of the light EV industry comprising two and three-wheelers, forklifts, tractors, etc., is estimated to be $500 billion by 2030 and India alone would be $100 billion.

Vecmocon's tech-first integrated hardware and software solution would comprise at least 30 per cent of the value chain in an EV providing for a large market of $30 billion in India alone. Some of their products, such as motor controller, vehicle intelligence module, battery management system and charger, are critical to an EV, which dictate the vehicle's safety, reliability, and performance. 

Vecmocon's solutions reduce the time to market for an OEM as they have built a plug-and-play architecture for producing reliable, cost-effective products, complete with an entire software stack for fleet management, maintenance, and service. Investing heavily into the design of these components, the company enables a connected and intelligent vehicle, which is customised, tested, and proven for rugged Indian roads. 

The company has already powered more than 5000 vehicles working with multiple OEMs so far and aspires to power more than five lakh vehicles by the end of 2025. 

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. 

Asati, co-founder and chief executive officer, 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 utilise this fundraise to invest primarily in team and tech."

Connie Lee, the partner of Tiger Global, added, "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 EV adoption." 

Arpit Agarwal, director at Blume Ventures, stated, "An electric vehicle is a technologically advanced product. For the larger number of OEMs, developing the expertise to design and perfect the software and hardware components like a battery management systems (BMS) or Vehicle Interface Module (VIM) is hard. 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 five years, Vecmocon has built a unique capability to engineer such data-intensive components and deliver a highly robust and safe system." 

Bgauss, a new age EV OEM building smart and reliable electric 2Ws, founded by Hemant Kabra, quoted, "Vecmocon's intelligent solutions truly support BGuass to deliver high quality, smart and reliable EVs for the Indian market."

  • Related Articles

    Women's participation in the gig economy has increased by 300 per cent in comparison to last year

    Women's participation in India's gig economy grew from 27 per cent to 36 per cent in Q3 2022

    The firm plans to use the capital to expand its vernacular courses and hiring new faculty members

    Adda247 Raises $34 Million From West Bridge Capital

    These acquisitions will strengthen the content arm of the edtech unicorn

    PhysicsWallah Acquires Education Firms PrepOnline, Altis Vortex