Deep tech firm Vecmocon Technologies, based in New Delhi, has secured $18 million in a Series A round led by Ecosystem Integrity Fund (EIF). Aavishkaar Capital, British International Investment (BII), and Blume Ventures, an existing investor, have all contributed to the deal.
This money complements the $10 million Series A that EIF and BII had previously raised in November 2024. Last week, the extended Series A round was exclusively covered by Entrackr.
The money raised will power more than 1 lakh cars in India, build R&D facilities of international caliber, and grow its workforce.
Vecmocon manufactures intelligent, dependable, and safety-focused electric vehicle (EV) solutions that are tailored to Indian circumstances. They want to use technologies like power electronics, data analytics, and the Internet of Things to make EVs smarter and more efficient.
More than 100,000 EVs, including two-wheelers, three-wheelers, and light commercial vehicles, currently employ Vecmocon’s technology.
The Delhi-based business reported operational revenue of Rs 15.87 crore for the fiscal year that ended in March 2024, an almost four-fold increase from the previous year. It did, however, disclose a loss of Rs 6 crore for the same time frame.
