The funding is in addition to the $10 million Series A that the company collected from EIF and BII in November 2024. Last week, Entrackr published that the company had managed to raise the extended Series A funding.
- Funding Boost: Secured extended Series A funding post the initial $10 million round led by EIF and BII.
- Strategic Growth: Funds to fuel global R&D, hiring, and charging over 1 lakh EVs across India.
- Proven Impact: Vecmocon’s smart EV systems power over 100,000 vehicles, driving IoT-enabled efficiency.
The funds are going to be used for hiring new members, building global-level R&D centers, and charging over 1 lakh vehicles in the country.
The company develops reliable and smart electric vehicle systems for use in India. They try to make EVs better and more efficient using the help of IoT, data analytics, and power electronics.
Also Read: EV Startup Kazam Secures Rs. 51 Crore in Series B Funding
Over 100,000 cars on the roads today, such as motorcycles, autorickshaws, and light vans, already make use of Vecmocon’s technology.
For the year ending in 2024, Delhi-based company showed a 4-fold jump in operating revenue compared to the previous year. At the same time, it experienced a loss of Rs. 6 crore.
