Deeptech electric vehicle (EV) startup Vecmocon Technologies Pvt. Ltd on Wednesday said it has secured $5.2 million (around Rs 41 crore) in a pre-Series A funding round from Tiger Global and Blume Ventures, with participation from a host of strategic angel investors.
The New Delhi-based platform will use the fresh funds for team building, business expansion, scaling up of operations and product innovation.
Founded by Peeyush Asati, Adarshkumar B and Shivam Wankhede in 2016, Vecmocon develops mobility solutions that help original equipment manufacturers (OEMs) get access to components which are both robust and field-tested. The company claims to power 5,000 EVs through its products and aims for 500,000 vehicles by 2025.
“EV mass adoption is not a product story but an ecosystem story. 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,” said Asati.
“Peeyush, Adarshkumar and Shivam have built a high-quality global automotive tech company to support the adoption of EVs,” said Connie Lee, Partner, Tiger Global.
Founded in 2001, New York-based Tiger Global Management is a growth equity firm that focuses on public and private companies that are operating in the global internet, software, consumer and financial technology sectors.
Last week, VCCircle had reported that Tiger Global is reportedly looking to raise $6 billion towards its new fund to invest in early-stage startups in India and other markets. The firm has backed companies such as Flipkart, Zomato, Sharechat, Ola, Delhivery, Groww, Unacademy, Dream11 and Inframarket among others.
Meanwhile, Blume Ventures was founded in 2010 by Karthik Reddy and Sanjay Nath. It had closed the debut fund in 2011 to raise Rs 100 crore (around $20 million) and gradually increased the fund sizes taking the total managed capital at more than $250 million at present. The early-stage venture capital firm has backed unicorns like Unacademy and Purplle.
As per a report, venture capital and private equity companies have invested $666 million across 24 deals in the Indian electric mobility industry this year till July.
The report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw also highlights that in the last two years, there have been investments to the tune of $550 million, a jump from the funding received in 2019 ($390 million) in EV manufacturers like Ola Electric, Euler, Ather Energy for the development of newer and safer electric vehicles.
