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EV parts maker Vecmocon raises $10 million in round led by Ecosystem Integrity Fund

Economic TimesEconomic Times · 8m ago
EV parts maker Vecmocon raises $10 million in round led by Ecosystem Integrity Fund
Medial

Vecmocon, an electric vehicle (EV) components maker, has raised $10 million in funding. The round was led by Ecosystem Integrity Fund (EIF) and saw participation from existing investor Blume Ventures, as well as British International Investment (BII). Vecmocon plans to use the funds to expand its presence in various market segments, including electric two-wheelers, three-wheelers, light commercial vehicles, and buses. The company aims to develop advanced computing solutions for electric mobility and specializes in safety-critical components such as battery management systems and EV chargers. Vecmocon also plans to expand internationally and explore opportunities in Southeast Asia and African markets.

Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return

EntrackrEntrackr · 1m ago
Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return
Medial

Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return Vehicle intelligence company Vecmocon Technologies is raising Rs 74 crore (around $8.7 million) from Aavishkaar Capital and existing investors Ecosystem Integrity Fund (EIF), Blume Ventures, in a mix of primary and secondary transactions. This funding is an extension of the $10 million Series A round raised in November last year. Vecmocon’s board has approved a resolution to issue 12,067 preference and equity shares to raise Rs 50.4 crore in a primary capital where Ecosystem Integrity Fund (EIF) will pump Rs 21 crore, and the rest will be injected by Aavishkaar Capital, according to its regulatory filing with the RoC. In a secondary transaction worth Rs 23.7 crore, early backer Tessellate Tech Ventures is making a full exit from EV components startup Vecmocon. The firm has offloaded its 2.97% stake for Rs 15.85 crore, netting over 10X returns on its initial Rs 1.5 crore investment, as per filings. Moreover, individual investors Tina Goyal, Nishit Aggarwal, and Satyam Darmora are making a full exit, while the co-founders will partially offload shares. Together, they are selling shares worth Rs 7.85 crore to Blume and Aavishkaar in a secondary transaction. As per Entrackr’s estimates, the Tiger Global-backed company will be valued at around Rs 533 crore or $63 million (post-allotment). Vecmocon is an electric vehicle (EV) solutions provider that offers a range of products and services to EV manufacturers. Its product lineup includes battery management systems, vehicle intelligence modules, instrument clusters, and chargers. It also provides services such as fleet management and maintenance support. According to startup data intelligence platform TheKredible, Vecmocon has raised approximately $15.7 million to date. Following the latest round, Blume Ventures will be the largest external shareholder with a 13.27% stake, followed by Ecosystem Integrity Fund (EIF) at 12.6%. Aavishkaar Capital and Tiger Global will hold 7.51% and 7.17% stakes, respectively. For the fiscal year ending March 2024, the Delhi-based company recorded nearly a 4X year-on-year surge in operating revenue to Rs 15.87 crore. However, it reported a loss of Rs 6 crore during the same period.

Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz

EntrackrEntrackr · 4m ago
Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Medial

Snippets Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz Bengaluru-based full-stack electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one. In 2023, Vidyut expanded its offerings to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In September 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30%. With key industry partners such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, along with a strong distribution network spanning 30 cities, Vidyut has enabled micro-entrepreneurs and fleet operators to embrace sustainable choices while boosting their earnings by 10-15% through EV adoption. "With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi. The Bengaluru-based company also launched an EV resale platform for the three-wheeler commercial vehicle segment, which manages the entire process—from inspection and valuation to sale and RTO documentation. According to the company, this new platform has streamlined the resale process for commercial EV owners and has helped customers realize up to 10-15% higher returns than ICE counterparts in secondary markets. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp, among others.

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