Vecmocon Raises $10 Million for EV Expansion

Delhi-based Vecmocon Technologies has successfully raised $10 million in the first phase of its Series A funding round, led by Ecosystem Integrity Fund (EIF) with contributions from Blume Ventures and British International Investment (BII). The company plans to allocate this funding towards enhancing its research and development in high-voltage systems, energy storage solutions, 5G automotive connectivity, and Zonal ECU-compliant architectures while also expanding its team and establishing global-standard R&D infrastructure. Founded in 2016 at IIT Delhi, Vecmocon specializes in advanced computing solutions for electric vehicles (EVs) and currently supports over 70,000 vehicles across India. The startup aims to broaden its market presence in electric two-wheelers, three-wheelers, light commercial vehicles, and buses, while also eyeing international expansion in Southeast Asia and Africa. This funding follows a previous $5.2 million investment from Tiger Global and other investors in 2022, although Tiger Global did not participate in this latest round. Vecmocon's strategic growth reflects the increasing demand for EV solutions in India, as highlighted by market experts.