In the early days of India’s electric vehicle roll-out, Vecmocon Technologies focused on developing safe components for manufacturers of two- and three-wheeled vehicles to ensure the new EVs met quality standards.
Now, with millions of new EV sales in India each year, Vecmocon is adding battery management systems, smart chargers and AI-based analytics, “with a goal of building the most robust and advanced platforms for connected electric vehicles and energy storage ecosystems,” said founder Peeyush Asati.
Impact investors Aavishkaar Capital and Ecosystem Integrity Fund backed the company’s $18 million Series A equity round. British International Investment and Blume Ventures also participated in the round, which closed the first $10 million in November.
The company, based in Noida, Uttar Pradesh, is looking to expand beyond India.
Separately, Bangalore-based EV charging provider Kazam secured $6 million in Series B equity from Vertex Ventures, the International Finance Corp., Avaana Capital and Chakra Growth Capital.
