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| L-R Adarshkumar B, Peeyush Asati, Shivam Wankhede |
- The company is on its way to power 100,000 vehicles by the end of next yea
- Several other strategic angels participated in this round
- The company is based out of Delhi and was also incubated at IIT Delhi & ISB
Vecmocon is on a mission to empower the EV OEMs and other ecosystem players with access to state-of-the-art technology and best-in-class reliable components. The company engineers future-ready solutions for the next generation of electric vehicles.
The EV industry has been booming in the country with multiple policies and incentives by the government in the favour of EV adoption. As per multiple reports, the market of light EV industry comprising 2Ws, 3Ws, forklifts, tractors, etc is estimated to be $500B by 2030 and India alone would be $100B.
Vecmocon’s tech first integrated hardware and software solution would comprise of at least 30% of the value chain in an EV providing for a large market of $30B in India alone. Some of their products such as motor controller, vehicle intelligence module, battery management system and charger are critical to an EV which dictate the safety, reliability, and performance of the vehicle. Vecmocon’s solutions reduce the time to market for an OEM as they have built a plug and play architecture for building reliable, safe, cost-effective quality first products, complete with an entire software stack for fleet management, maintenance, and service. Investing heavily into the design of these components the company enables a truly connected and smart vehicle which are customised, tested, and proven for the rugged Indian roads. The company already has powered more than 5k vehicles working with multiple OEMs so far and aspire to power more than 500k vehicles by the end of 2025.
Vecmocon was founded in 2016 by Peeyush Asati, Adarshkumar B and Shivam Wankhede. The core team comes with expertise in battery modelling, components design, systems architecture, embedded software and data science.
Peeyush Asati, Co-founder & CEO, said: “EV mass adoption is not a product story but an ecosystem story. Robustness, reliability, and service are at the core of this story which we at Vecmocon are building. With our state-of-the-art solution, and data-centric approach we are working with the mission to deliver a truly smart, connected, and reliable platform for the world. We plan to utilize this fundraise to invest primarily in team and tech.”
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.”
Arpit Agarwal, Director, Blume Ventures, added, “An electric vehicle is a technologically advanced product. For the larger number of OEMs, it is hard to develop the expertise to design and perfect the software and hardware components like a BMS or VIM. Such customers stand to win greatly by adopting Vecmocon’s platform which allows them to launch high-performance vehicles faster to the market. Over the last 5 years, Vecmocon has built a unique capability to engineer such data intensive components and deliver a highly robust and safe system.”
Bgauss, a new age EV OEM building smart and reliable electric 2Ws, founded by Hemant Kabra quotes that “Vecmocon’s intelligent solutions truly support BGuass to deliver high quality, smart and reliable EVs for the Indian market”
About Vecmocon
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Founded in 2016, Vecmocon makes cutting-edge mobility solutions that help OEMs get access to next generation components which are both robust and field-tested. Vecmocon’s intelligent and connected Battery Management Systems, Vehicle Intelligence Modules, Motor Controllers and other products power 5000 EVs, with a target of getting into 500k vehicles by 2025. In doing this, Vecmocon is helping adoption of a new wave of technology in the industry. The company also helps OEMs manage their operations better by offering a unique maintenance management software, complete with mobile based diagnostics, and a fleet manager.
The company was founded by Peeyush Asati, Shivam Wankhede and Adarshkumar B, alumni of IIT Kanpur, IIT Delhi and ISB respectively. For additional information, please visit www.vecmocon.com or contact hello@vecmocon.com.
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