Delhi-based vehicle intelligence startup Vecmocon Technologies raises $10 million in funding

Vecmocon Technologies, a Delhi-based startup specializing in vehicle intelligence, has raised $10 million in the first phase of its Series A funding round.

The investment was led by the Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and British International Investment (BII).

Prior to this, the startup raised $5.2 million in a pre-Series A funding round in October 2022 led by Tiger Global and Blume Ventures.

Purpose of fundraising

Vecmocon will use the raised capital to bolster its research and development (R&D) capabilities in high-voltage systems, energy storage systems (ESS), 5G automotive connectivity, and Zonal ECU-compliant architectures.

The startup will also focus on the expansion of its team and the establishment of international-standard R&D infrastructure.

Bridging gaps in India's EV technology sector  

India’s automotive electronics sector, particularly in software, is still evolving, with many original equipment manufacturers (OEMs) reliant on foreign suppliers for key computing components.

Vecmocon aims to address this gap by developing locally designed power electronics, embedded systems, and data connectivity solutions.  

“This funding will enable Vecmocon to lead the EV intelligence movement in India,” said Devin Whatley, Managing Partner at EIF.

Chirantan Patnaik, Director at BII, highlighted the importance of such initiatives as EV adoption accelerates in the country, emphasizing Vecmocon's role in improving performance and accessibility within the ecosystem.  

Expanding reach in domestic and global EV markets  

Vecmocon’s vehicle intelligence solutions—including Battery Management Systems (BMS), Vehicle Intelligence Modules (VIM), and EV chargers—are already powering over 70,000 vehicles on Indian roads.

The startup plans to leverage its expertise to expand into electric two-wheelers, three-wheelers, light commercial vehicles, and buses.  

In addition to its operations in India, Vecmocon has started serving clients in Sri Lanka and is exploring potential markets in Southeast Asia and Africa.

“We aim to build a 360-degree EV ecosystem in India while extending our footprint globally,” said CEO Peeyush Asati.  

Who are the founders?

Founded in 2016 by Peeyush Asati, COO Adarshkumar Balaraman, and CTO Shivam Wankhede at IIT Delhi, Vecmocon has expanded to a 180-strong team, operating from Delhi, Bangalore, Chennai, and Lucknow.

Initially incubated at IIT Delhi and ISB, the startup also raised $300,000 in its early days.

For the fiscal year ending March 2023, Vecmocon reported operating revenue of Rs 4.2 crore, with a loss of Rs 41 lakh.