Vecmocon has raised funding of $5.2 million from Tiger Global, Blume Ventures, and other angel investors.
The company develops future-ready solutions for electric vehicles and plans to use the raised funds to invest in team building, business expansion, scaling up operations, and further product innovation.
“With our 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 the funds to invest primarily in our team and technology,” said Peeyush Asati, Co-founder and CEO, Vecmocon.
Vecmocon claims that its solutions reduce an OEM’s time to market because they have created a plug-and-play architecture for developing high-quality, affordable products that are reliable, safe, and complete with a full software stack for fleet management, maintenance, and servicing. The company says that it has powered more than 5000 vehicles while working with multiple OEMs to date. It is expected to power more than 500,000 vehicles by the end of 2025.
Connie Lee, Partner, Tiger Global, said, “We are impressed with the deep commitment and progress that they 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.”