Vecmocon Technologies Secures Rs 74 Crore in Funding for Electric Vehicle Solutions
Vecmocon Technologies, a leader in vehicle intelligence, is raising Rs 74 crore (approximately $8.7 million) from Aavishkaar Capital and existing investors like Ecosystem Integrity Fund (EIF) and Blume Ventures. This financial boost is part of a combination of primary and secondary transactions.
This funding represents an extension of the $10 million Series A funding round secured in November of the previous year.
Vecmocon’s board has approved the issuance of 12,067 preference and equity shares, aiming to raise Rs 50.4 crore through primary capital. Ecosystem Integrity Fund (EIF) will contribute Rs 21 crore, while Aavishkaar Capital will provide the remaining amount, as indicated in their regulatory filing with the RoC.
In a secondary transaction valued at Rs 23.7 crore, Tessellate Tech Ventures, an early investor, is making a complete exit from Vecmocon Technologies. The firm sold its 2.97% stake for Rs 15.85 crore, achieving over 10X returns on its initial investment of Rs 1.5 crore, according to filings.
In addition, individual investors Tina Goyal, Nishit Aggarwal, and Satyam Darmora are also entirely exiting, while the co-founders will reduce their stakes. Collectively, they are selling shares worth Rs 7.85 crore to Blume Ventures and Aavishkaar in this secondary transaction.
Startup Superb estimates suggest that Vecmocon, which is backed by Tiger Global, will see a valuation of approximately Rs 533 crore or $63 million following this latest allotment.
Vecmocon is an electric vehicle (EV) solutions provider that delivers various products and services tailored for EV manufacturers. Their offerings include battery management systems, vehicle intelligence modules, instrument clusters, and chargers. They also extend services such as fleet management and maintenance support.
According to various data intelligence platforms, Vecmocon has successfully raised about $15.7 million in total funding so far. Post the latest round, Blume Ventures will become the largest external shareholder with a 13.27% stake, closely followed by Ecosystem Integrity Fund (EIF) with 12.6%. Aavishkaar Capital and Tiger Global are expected to hold 7.51% and 7.17% stakes, respectively.
For the fiscal year concluding in March 2024, the Delhi-based company reported nearly a fourfold year-on-year increase in operating revenue, reaching Rs 15.87 crore. However, a loss of Rs 6 crore was noted during the same period.