Vecmocon, a startup that manufactures electric vehicle components, has raised $5.2 million in funding from Tiger Global, Blume Ventures and other angel investors, according to ETtech report.
The company aims to utilise the fundraising to invest in team building, business expansion, scaling up of operations and product innovation. Interestingly, this is the fourth EV startup Tiger Global has invested in and the second this year after backing battery swapping startup Battery Smart in June.
The deal comes at a time when venture capitalists are increasingly looking at the EV space – a sector they have largely stayed away from – for investments as the larger tech ecosystem is seeing a downturn, as ET reported on August 19.
The New York-based investment firm Tiger, which is aiming to close a $6-billion fund, has told its sponsors (limited partners) that it will increasingly look to make early-stage bets with India being in focus.
“We are impressed with the deep commitment and progress that Peeyush, Adarshkumar and Shivam have made to solve long-term problems in India’s EV industry. We are excited to partner with them as they build a high-quality global automotive tech company to support the adoption of EVs,” said Connie Lee, partner at Tiger Global.
“EV mass adoption is not a product story but an ecosystem story. Robustness, reliability, and service are at the core of this story which we are building,” said Asati, cofounder and chief executive officer of Vecmocon. “With our state-of-the-art solution, and data-centric approach, we are working with the mission to deliver a truly smart, connected, and reliable platform to the world. We plan to utilise this fundraise to invest primarily in team and tech.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.