Vecmocon, the EV parts maker, has secured a fund of $10 million in Series-A funding led by Ecosystem Integrity Fund (EIF). 

Fund Utilisation  
The company plans to deploy the funds into some strategic business initiatives like: 

1. Expanding its reach into Two-wheelers, three-wheelers, light commercial vehicles (LCVs), and  Buses. 
2. To establish R&D facilities based on International Standards for the electric automotive sector. 
3. To tap into the Sri Lanka market and its ongoing exploration in Southeast Asia and African markets.

Investors in Series A 
The startup has seen participation in its Series-A funding by British International Investment and existing investor Blume Ventures. The pre-Series A raise for the company had seen participation from Tiger Global and Blume ventures in October 2022.  

It's Market 
Vecmocon currently serves companies like Exide, BGauss & Battery Smart. Its solutions power approx 70,000 vehicles on Indian roads, as of now. 

 Peeyush Asati, Founder @Vecmocon 
“This latest funding round will enable Vecmocon to further its research and development in high-voltage systems, energy storage systems (ESS), develop zonal electronic control unit-compliant architectures, advance 5G automotive connectivity solutions and team expansion,” Asati said.

Vecmocon’s USP 
Arpit Agarwal, partner at Blume Ventures, added: “What stands out is how they’ve built a complete ecosystem—bringing together smart software, data insights, and financial solutions.” 

Investment in EV sector 
This year, the EV sector has seen good investments or fundraise for the companies aspiring to take up research and operations in the sector. The Indian EV market, home to numerous both small and large startups, is projected to reach $110.74 billion by 2029, according to data from Mordor Intelligence.