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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.

British International Investment to invest $33.5M in Indian EV startups

YourStoryYourStory · 7m ago
British International Investment to invest $33.5M in Indian EV startups
Medial

The UK's development finance institution, British International Investment (BII), has announced investment commitments of $33.5 million in India's electric vehicle (EV) sector. The funding includes debt financing for Everest Fleet to expand its EV fleet, equity investment in TI Clean Mobility for scaling its EV manufacturing capabilities, and equity commitment to Vecmocon for enhancing its research and development in the EV component manufacturing. BII has been actively investing in India's EV sector and aims to contribute to India's energy transition and decarbonization efforts. The investments align with BII's goal of investing up to $1 billion in climate-friendly initiatives and green technologies in India.

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.

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