EV solutions start-up Vecmocon raises $5.2 mn for business expansion
Vecmocon, an electric vehicles (EV) solutions company, has raised $5.2 million in funding from Tiger Global, Blume Ventures and other investors.
AZB & Partners advised Internet Fund VII Pte. Ltd., a fund managed by Tiger Global Management (“Tiger Global”) in the deal. The AZB & Partners team included Partners Ashwath Rau, Srinath Dasari, Nanditha Gopal and Senior Associate, Karishma Dugar.
The company will use the funds for business expansion, scaling up operations, and product innovation. “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. We plan to utilize this fundraise to invest primarily in team and tech,” said Peeyush Asati, Vecmocon’s co-founder and chief executive officer (CEO).
The company said in a statement it will empower EV original equipment manufacturers (OEMs) and others with the latest technology and reliable components.
“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 or VIM. Such customers stand to win greatly by adopting Vecmocon’s platform which allows them to launch high-performance vehicles faster to the market,” said Arpit Agarwal, director at Blume Ventures.
Vecmocon said its technology powers more than 5,000 vehicles and it aspires to increase the number to 500,000 by the end of 2025.
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