Vecmocon, an EV solutions company that provides several crucial tech components to Electric Vehicle OEMs, has landed $5.2Mn in a fresh fundraise. The round was raised from Tiger Global and Blume Ventures along with a host of strategic angels. Vecmocon aims to utilise this fundraise to invest into team building, business expansion, scaling up of operations and further product innovation.
Founded in 2016 by Peeyush Asati, Shivam Wankhede and Adarshkumar B, the EV solutions maker produces cutting-edge mobility solutions that help OEMs get access to critical, new-age tech components which are both robust and field-tested. Vecmocon claims to have deployed its Battery Management Systems, Vehicle Intelligence Modules, Motor Controllers and other products across 5000 EVs so far, with a target of getting into 500k vehicles by 2025. Additionally, the upstart also helps OEMs manage their operations better by offering a unique maintenance management software, complete with mobile based diagnostics, and a fleet manager.
EV adoption in India has seen a rather accelerated growth, with several OEMs launching their own vehicles across a myriad of categories. What however still throttles that growth, is the lack of a widespread, comprehensive ecosystem around EVs, such as charging stations, repair workshops, technicians among others. Through its component value chain, Vecmocon is looking to plug at least some of the gaps in the manufacturing side of things.
“EV mass adoption is not a product story but an ecosystem story. Robustness, reliability, and service are at the core of this story which we at Vecmocon are building. With our state-of-the-art solution, and data-centric approach we are working with the mission to deliver a truly smart, connected, and reliable platform for the world. We plan to utilize this fundraise to invest primarily in team and tech.”, says Vecmocon co-founder and CEO Peeyush Asati.
Vecmocon’s tech first integrated hardware and software solution would comprise of at least 30% of the value chain in an EV providing for a large market of $30B in India alone. Some of their products such as motor controller, vehicle intelligence module, battery management system and charger are critical to an EV which dictate the safety, reliability, and performance of the vehicle. Vecmocon’s solutions reduce the time to market for an OEM as they have built a plug and play architecture for building reliable, safe, cost-effective quality first products, complete with an entire software stack for fleet management, maintenance, and service.