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The Ecosystem Integrity Fund (EIF) led the $10 million (about INR 84.4 crore) Series A fundraising round for EV intelligence firm Vecmocon Technologies.
In addition to Blume Ventures, an existing investor, British International Investment (BII) also participated in the round.
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With the additional funds, the Delhi NCR-based business intends to enter new markets, such as those for electric buses, light commercial vehicles (LCVs), two-wheelers, and three-wheelers.
Peeyush Asati, Adarshkumar B, and Shivam Wankhede founded Vecmocon in 2016. Among their services are motor controllers, instrument clusters, battery management systems, vehicle intelligence services, and EV chargers.
According to the company, it collaborates with companies including Battery Smart, BGauss, and Exide. Additionally, according to the business, over 70,000 automobiles on Indian roads are presently powered by its technology.
“This latest funding round will enable Vecmocon to further its research and development in high-voltage systems, energy storage system (ESS), develop zonal electronic control unit-compliant architectures, advance 5G automotive connectivity solutions and team expansion,” Asati said.
He went on to say that a portion of the funds will also be utilized to build research and development facilities for the electric vehicle industry that meet international standards.
Tiger Global, Blume Ventures, and a number of angel investors contributed $5.2 million to Vecmocon's 2022 pre-series A financing round.
This coincides with the development of sustainable transportation solutions by numerous Indian EV firms, including ather energy, Altigreen, blusmart, and Exponent Energy.
Based on this, investors have shown interest in businesses this year who want to expand their operations and research.
Vidyut is a commercial electric vehicle finance company, secured $10 million (about INR 83 crore) in February to expand as a full-stack EV enabler that provides services like EV insurance, vehicle lifecycle management, and EV resale.
Kazam, an electric vehicle company, secured $5 million (INR 42.5 crore) in August to support its development and growth objectives.
Both major and small EV companies are present in the Indian industry, which is expected to grow to $110.74 billion by 2029, according to statistics from Mordor Intelligence.
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