Key Highlights

• Vecmocon raises Rs. 74 crore, achieving a Rs. 533 crore valuation in its extended Series A round.
• Tessellate Tech Ventures exits with over 10X returns, marking a milestone in EV startup investments.

Vehicle intelligence company Vecmocon Technologies is raising Rs. 74 crore (around $8.7 million) from Aavishkaar Capital and existing investors Ecosystem Integrity Fund (EIF), in a combination of primary and secondary transactions.

*Vecmocon Technologies raises Rs. 74 Cr in extended Series A funding round led by Aavishkaar Capital and Ecosystem Integrity Fund (EIF).

*EV components startup Vecmocon hits Rs. 533 Crore valuation post fresh funding and secondary share sale.

*Tessellate Tech Ventures exits Vecmocon with 10X returns, marking a major success in EV startup investments.

This financing is an extension of the $10 million Series A round that they raised in November of last year. Vecmocon's board approved a resolution to issue 12,067 preference and equity shares to raise Rs. 50.4 crore in a primary capital in which the Ecosystem Integrity Fund (EIF), will put in Rs. 21 crore, and the balance will be provided by Aavishkaar Capital, as noted in its regulatory filing with the RoC. In the secondary transaction, early investor Tessellate Tech Ventures is fully exiting the EV components startup Vecmocon with a secondary transaction worth Rs. 23.7 crore.

Tessellate Tech Ventures has sold a 2.97 percent stake for Rs. 15.85 crore, which results in a netting over 10X returns on the Rs. 1.5 crore they initially invested (as per filings).

Individual investors Tina Goyal, Nishit Aggarwal, and Satyam Darmora are also fully exiting, while the co-founders will have some partial selloffs. In total, they will jointly sell about Rs. 7.85 crore worth of shares to Blume and Aavishkaar on a secondary transaction.

According to Entrackr calculations, the Tiger Global-backed company will have a valuation of about Rs. 533 crore or $63 million post-allotment. Vecmocon is an electric vehicle (EV) solutions company providing EV manufacturers with an extensive portfolio of products and services. Vecmocon provides battery management systems, vehicle intelligence modules, instrument clusters, and even EV chargers.

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It supports EV OEMs with various services including fleet management services and maintenance bundles. Since then, Vecmocon has raised a total of approximately $15.7 million. Blume Ventures will become the largest external shareholder with 13.27 percent, followed by Ecosystem Integrity Fund (EIF), with 12.6 percent.

Aavishkaar Capital is expected to own 7.51 percent and Tiger Global will have 7.17 percent.