[Funding alert] EV startup Vecmocon raises $5.2 mn funding from Tiger Global, others

Vecmocon, a provider of Deeptech EV Solutions, has secured $5.2M in funding from Tiger Global, Blume Ventures, and other strategic angel investors.

Vecmocon, a company based in Delhi, plans to use these funds to invest in team development, commercial growth, and operational scaling up, as per reported by TechCrunch.

In August 2016, Peeyush Asati, a graduate of IIT Kanpur, and Shivam Wankhede, graduates of IIT Delhi and the Indian School of Business (ISB), respectively, co-founded the startup. Vecmocon provides a variety of parts, including chargers, instrument clusters, vehicle intelligence modules, and battery management systems.

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“For electric vehicles to happen, its ecosystem has to happen, and that ecosystem has to be data-driven. It has to be digitally enabled for a quick evolution,” said Peeyush Asati, co-founder and CEO of Vecmocon to TechCrunch.

“The Chinese component manufacturers are not cooperating because the ecosystem in China around EVs is fundamentally different from how it is in India. The geography is diverse, the use cases of how people use electric vehicles are two-wheelers, kind of in terms of culture in terms of behavior, in terms of geography, all of it was different,” Asati said.

Vector motor control, or Vecmocon, sells OEMs EV components and software to tackle this problem. The New Delhi business offers cloud-integrated technologies for remote fleet diagnostics.

“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, and we are excited to partner with them as they build a high-quality global automotive tech company to support the adoption of EVs,” Connie Lee, partner, Tiger Global, said.

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Vecmocon, which now utilises the labs at IIT Delhi, also intends to construct its own internal labs to test and create fresh products for the market.

“An electric vehicle is a technologically advanced product. For the larger number of OEMs, it is hard to develop the expertise to design and perfect the software and hardware components like a BMS (battery management system) or VIM (vehicle intelligence module). 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 5 years, Vecmocon has built a unique capability to engineer such data intensive components and deliver a highly robust and safe system,” said Arpit Agarwal, director, Blume Ventures.

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About Vecmocon

Vecmocon is developing solutions to address issues that are limiting the sales of electric scooters in the South Asian market by bringing intelligence and health monitoring to light electric vehicles (EVs).