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New Delhi-based deep-tech startup Vecmocon Technologies has raised $18 million in a Series A round led by Ecosystem Integrity Fund (EIF), with participation from Aavishkaar Capital, British International Investment (BII), and existing investor Blume Ventures.
This funding adds to the earlier $10 million Series A raised in November 2024 from EIF and BII. Entrackr exclusively reported the extended Series A round last week.
The proceeds will be used to expand its team, set up global-standard R&D labs, and power over 1 lakh vehicles in India.
Vecmocon builds smart, reliable, and safety-focused systems for electric vehicles (EVs), designed specifically for Indian conditions. Their goal is to make EVs smarter and more efficient using technology like IoT, data analytics, and power electronics.
Vecmocon’s technology is already used in over 100,000 EVs, including two-wheelers, three-wheelers, and light commercial vehicles.
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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