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.
"This infusion of capital will supercharge our efforts to engineer the next generation of the most robust, high-performance, software-defined, and safety-critical systems uniquely tailored for Indian conditions and global deployment in electric vehicles and clean energy systems”, says Peeyush Asati, CEO of Vecmocon.
“We're not just building for India - we're building in India, by Indian engineers, for the world”.
The New Delhi-based business, which was founded in 2016 by IIT and ISB alumni, is creating the "most robust systems" for Indian conditions.
Also Read: CEO Insights Exclusive: Key Strategies to Master the CMO Role
According to the company, its goal is to make all EVs more responsive, adaptable, and efficient by integrating intelligent systems and data-driven insights.