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Delhi-based vehicle intelligence startup Vecmocon Technologies raises $10 million in funding

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  • Funding Acquisition: Vecmocon Technologies, a Delhi-based vehicle intelligence startup, has secured $10 million in the first phase of its Series A funding, led by the Ecosystem Integrity Fund (EIF) and supported by Blume Ventures and British International Investment (BII).

  • Investment Purpose: The funds will primarily be utilized to enhance research and development in areas like high-voltage systems, energy storage, 5G automotive connectivity, and to expand the company’s team and infrastructure.

  • Addressing Technology Gaps: Vecmocon aims to fill the gap in India’s evolving automotive electronics sector by creating locally designed power electronics and connectivity solutions, reducing reliance on foreign OEM suppliers.

  • Market Expansion Plans: The startup’s vehicle intelligence solutions currently support over 70,000 vehicles in India, with plans to branch out into various electric vehicle segments as well as explore markets in Sri Lanka, Southeast Asia, and Africa.

  • Founders and Company Growth: Founded in 2016 by IIT Delhi alumni Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, Vecmocon employs 180 people and reported an operating revenue of Rs 4.2 crore for the fiscal year ending March 2023, despite a loss of Rs 41 lakh.

Vecmocon Technologies, a Delhi-based startup specializing in vehicle intelligence, has raised $10 million in the first phase of its Series A funding round.

The investment was led by the Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and British International Investment (BII).

Prior to this, the startup raised $5.2 million in a pre-Series A funding round in October 2022 led by Tiger Global and Blume Ventures.

Purpose of fundraising

Vecmocon will use the raised capital to bolster its research and development (R&D) capabilities in high-voltage systems, energy storage systems (ESS), 5G automotive connectivity, and Zonal ECU-compliant architectures.

The startup will also focus on the expansion of its team and the establishment of international-standard R&D infrastructure.

Bridging gaps in India’s EV technology sector  

India’s automotive electronics sector, particularly in software, is still evolving, with many original equipment manufacturers (OEMs) reliant on foreign suppliers for key computing components.

Vecmocon aims to address this gap by developing locally designed power electronics, embedded systems, and data connectivity solutions.  

“This funding will enable Vecmocon to lead the EV intelligence movement in India,” said Devin Whatley, Managing Partner at EIF.

Chirantan Patnaik, Director at BII, highlighted the importance of such initiatives as EV adoption accelerates in the country, emphasizing Vecmocon’s role in improving performance and accessibility within the ecosystem.  

Expanding reach in domestic and global EV markets  

Vecmocon’s vehicle intelligence solutions—including Battery Management Systems (BMS), Vehicle Intelligence Modules (VIM), and EV chargers—are already powering over 70,000 vehicles on Indian roads.

The startup plans to leverage its expertise to expand into electric two-wheelers, three-wheelers, light commercial vehicles, and buses.  

In addition to its operations in India, Vecmocon has started serving clients in Sri Lanka and is exploring potential markets in Southeast Asia and Africa.

“We aim to build a 360-degree EV ecosystem in India while extending our footprint globally,” said CEO Peeyush Asati.  

Who are the founders?

Founded in 2016 by Peeyush Asati, COO Adarshkumar Balaraman, and CTO Shivam Wankhede at IIT Delhi, Vecmocon has expanded to a 180-strong team, operating from Delhi, Bangalore, Chennai, and Lucknow.

Initially incubated at IIT Delhi and ISB, the startup also raised $300,000 in its early days.

For the fiscal year ending March 2023, Vecmocon reported operating revenue of Rs 4.2 crore, with a loss of Rs 41 lakh.  


Here’s a detailed summary based on the provided information about Vecmocon Technologies:

Startup:

  • Name: Vecmocon Technologies
  • Location: Delhi, India
  • Specialization: Vehicle intelligence, particularly in electric vehicles (EV) technology.

Founders:

  1. Peeyush Asati – CEO
  2. Adarshkumar Balaraman – COO
  3. Shivam Wankhede – CTO

Fundraising:

  • Recent Fundraise:
    • Amount: $10 million
    • Series: First phase of Series A
    • Date: (Not specified)
  • Previous Fundraise:
    • Amount: $5.2 million
    • Series: Pre-Series A
    • Date: October 2022

Investors:

  • Current Round (Series A):

    • Lead Investor: Ecosystem Integrity Fund (EIF)
    • Other Participants: Blume Ventures, British International Investment (BII)
  • Previous Round (Pre-Series A):
    • Lead Investor: Tiger Global
    • Other Participants: Blume Ventures

Purpose of Fundraising:

  • Enhance research and development (R&D) capabilities in:
    • High-voltage systems
    • Energy storage systems (ESS)
    • 5G automotive connectivity
    • Zonal ECU-compliant architectures
  • Expand the team
  • Establish international-standard R&D infrastructure

Context:

  • Vecmocon focuses on developing locally designed power electronics, embedded systems, and data connectivity solutions.
  • The startup aims to serve both domestic and international markets, including clients in Sri Lanka and potential expansion into Southeast Asia and Africa.

Additional Information:

  • Founded in 2016 and initially incubated at IIT Delhi and ISB.
  • Reported operating revenue for FY ending March 2023: Rs 4.2 crore
  • Reported loss for the same period: Rs 41 lakh
  • Current team size: 180 employees, with operations in Delhi, Bangalore, Chennai, and Lucknow.

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