Delhi-based vehicle intelligence startup Vecmocon has successfully raised $10 million in the first phase of its Series A funding round. The round was led by Ecosystem Integrity Fund (EIF), with additional participation from existing investors Blume Ventures and British International Investment (BII).
Previously, Vecmocon had secured $5.2 million in a pre-Series A round from Tiger Global and Blume Ventures in October 2022. However, Tiger Global did not take part in the latest funding round.
Vecmocon, founded in 2016 at the Indian Institute of Technology (IIT) Delhi, provides advanced computing solutions for electric vehicles (EVs), including battery management systems (BMS), vehicle intelligence modules (VIM), and EV chargers. The company’s products currently power over 70,000 vehicles on Indian roads, serving clients like Exide, BGauss, and Battery Smart.
With the new capital, Vecmocon plans to strengthen its research and development (R&D) capabilities in key areas such as high-voltage systems, energy storage systems (ESS), 5G automotive connectivity, and Zonal ECU-compliant architectures. The company also aims to expand its team and establish international-standard R&D infrastructure to further support the growth of the EV sector in India and beyond.
For the fiscal year ending March 2023 (FY23), Vecmocon reported an operating revenue of Rs 4.2 crore, with a loss of Rs 41 lakh. The startup is also pursuing global expansion, with existing customers in Sri Lanka and plans to explore Southeast Asian and African markets.
Prior to this Series A round, the founding members collectively held nearly 55% stake in Vecmocon, while Blume Ventures and Tiger Global owned 12% and 10%, respectively, according to data from startup intelligence platform TheKredible.
