EV parts maker Vecmocon raises $5.2 million in funding led by Tiger Global, Blume Ventures

• ByStartupStory     |    October 13, 2022

Vecmocon has raised funds amounting to $5.2 million in pre-Series A round, Tiger Global co-led along with Blume Ventures and other angel investors in this round. This is the second investment this year after investing in battery swapping firm Battery Smart in June and the fourth EV startup that New York-based investment firm Tiger Global has invested in.

Tiger Global is aiming to close a $6 billion fund it would look to make early-stage bets with India in focus. The startup incubated by IIT Delhi plans to utilise the latest funds to invest into team building, business expansion, scaling up of operations and further product innovation.

Vecmocon,founded in 2016 by Asati, Adarshkumar B and Shivam Wankhede, stated over 100,000 EVs will be made using its parts by the end of the year. The startup focuses on building the software capabilities, the company has outsourced manufacturing of these parts to tier-1 parts makers in the country, their clients include Loham and Okinawa, among others.

Connie Lee, partner, Tiger Global said- “We are impressed with the deep commitment and progress that Peeyush, Adarshkumar and Shivam 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,” 

While the Ministry of Heavy Industries is cracking down on EV makers that have not adhered to India’s localisation norms, by conducting audits at their factories, Asati said the recent regulatory changes have proved to be a tailwind for the company, especially after the government said it would enforce a stringent battery standard, called the AIS156.

Vecmocon has raised funds amounting to $5.2 million in pre-Series A round, Tiger Global co-led  along with Blume Ventures and other angel investors in this round. This is the second investment this year after investing in battery swapping firm Battery Smart in June and the fourth EV startup that New York-based investment firm Tiger Global has invested in.

Tiger Global is aiming to close a $6 billion fund it would look to make early-stage bets with India in focus. The startup incubated by IIT Delhi plans to utilise the latest funds to invest into team building, business expansion, scaling up of operations and further product innovation.

Vecmocon,founded in 2016 by Asati, Adarshkumar B and Shivam Wankhede, stated over 100,000 EVs will be made using its parts by the end of the year. The startup focuses on building the software capabilities, the company has outsourced manufacturing of these parts to tier-1 parts makers in the country, their clients include Loham and Okinawa, among others.

Connie Lee, partner, Tiger Global said- “We are impressed with the deep commitment and progress that Peeyush, Adarshkumar and Shivam 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,” 

While the Ministry of Heavy Industries is cracking down on EV makers that have not adhered to India’s localisation norms, by conducting audits at their factories, Asati said the recent regulatory changes have proved to be a tailwind for the company, especially after the government said it would enforce a stringent battery standard, called the AIS156.

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