A Noida-based deep-tech firm that once ran on a $300,000 seed cheque and a government grant now says its electronics sit inside more than 100,000 electric vehicles on Indian roads. Vecmocon Technologies has never made a battery cell or assembled a two-wheeler — it sells the circuit board and code that decide whether that battery survives a Delhi summer.
Nine years after three engineers left a stint of unpaid consulting for e-rickshaw makers, the company they built to fix what they saw there was valued at a reported Rs 533 crore (about $63 million) after a mid-2025 funding round — a number the company itself has not confirmed. In between lies a three-year stretch with no paying customer, a subsidy shock that flattened the market it sells into, and a founder base that stuck with hardware even as most Indian startups chased software margins.
Quick facts
| Company | Vecmocon Technologies Private Limited |
| Founded | August 2016, incubated at IIT Delhi |
| Founder(s) | Peeyush Asati (CEO), Shivam Wankhede (CTO), Adarshkumar Balaraman (COO) |
| Businesses | Battery management systems, vehicle intelligence modules, EV chargers, motor controllers and instrument clusters for two- and three-wheeler EVs, plus a cloud diagnostics platform |
| Latest FY revenue | Rs 34.6 crore in FY25, up about 102.8% year-on-year (Inc42, company filings) |
| Latest FY profit/loss | FY25 profit or loss not disclosed publicly as of September 2026; FY24 net loss was Rs 6 crore (Entrackr, citing regulatory filings) |
| Listed | Private; no IPO announced |
| Market value / last valuation | Reported at approximately Rs 533 crore (about $63 million) post-allotment after the June 2025 round — an Entrackr estimate, unconfirmed by the company |
| Key shareholders / CEO | Blume Ventures (13.27%), Ecosystem Integrity Fund (12.6%), Aavishkaar Capital (7.51%), Tiger Global (7.17%) as of June 2025 (Entrackr); CEO Peeyush Asati |
What they do
Vecmocon designs the electronics and software that sit between an electric vehicle’s battery and its rider: the battery management system that governs how a lithium pack charges and discharges, a vehicle intelligence module that streams diagnostics to the cloud, a motor controller, an instrument cluster and AIS-156-compliant chargers. It does not manufacture cells, assemble packs or build vehicles. It sells this stack — hardware plus a data platform on top — to the companies that do, which means its customers are battery makers, EV original equipment manufacturers (OEMs) and fleet or battery-swapping operators rather than individual riders.
- Exide Industries, India’s largest lead-acid and lithium battery maker, uses Vecmocon’s BMS and data stack for its newer battery packs.
- BGauss, a two- and three-wheeler EV OEM, was Vecmocon’s first original equipment manufacturer client, onboarded in 2021 (company milestones, Vecmocon).
- Battery Smart, a battery-swapping network, runs Vecmocon’s BMS and telematics for real-time fleet monitoring.
- Beyond these named accounts, the company said it was engaged with more than 70 clients across two-wheeler, three-wheeler and early four-wheeler segments as of its 2025 funding round (Aavishkaar Capital).
The origin
Before Vecmocon existed, Peeyush Asati, Shivam Wankhede and Adarshkumar Balaraman were doing unpaid consulting work for e-rickshaw manufacturers. Asati had a physics background and some e-mobility consulting experience; Wankhede had built an electric race car at IIT Delhi; Balaraman brought an ISB credential and operational grounding. What they found in that consulting work became the company’s reason to exist: India’s electric two- and three-wheeler industry was almost entirely dependent on imported Chinese battery management and control electronics, built for Chinese roads, Chinese climate and Chinese cost structures, not Indian ones.
When the founders tried to get Chinese suppliers to adapt their electronics to Indian conditions — dustier roads, higher ambient temperatures, price-sensitive vehicles, a different regulatory and safety regime — there was little appetite on the other side to customise. That gap became the founding insight: build the battery management and vehicle-intelligence stack in India, for Indian vehicles, from the circuit board up. The company was incorporated in August 2016 and took root inside IIT Delhi’s incubation ecosystem, drawing early research grants from the institute and India’s Department of Science and Technology (DST) alongside its own capital (Aavishkaar Capital; TechCrunch, October 2022). The name itself is a contraction of “vector,” “motion” and “control” — the three things its electronics are built to manage inside a moving vehicle.
The struggle years
The unglamorous part of Vecmocon’s story is how long it took to sell anything. The company spent roughly three years — from its 2016 founding through 2018 — building a battery management system core product on research grants and its own capital, with no paying customer on the books (Vecmocon company milestones). Its first commercial transaction did not arrive until 2019, and even then it was modest: 500 BMS units sold to a single early customer, alongside a $300,000 strategic seed cheque from Tessellate Tech Ventures the same year (TechCrunch, October 2022; Vecmocon company milestones). For a hardware business, three pre-revenue years on grant money is a long runway to hold together a founding team.
The second setback was not internal — it hit the whole market Vecmocon sells into. In May 2023, the Indian government cut the FAME-II subsidy for electric two-wheelers, reducing the demand incentive from Rs 15,000 per kWh to Rs 10,000 per kWh and capping it at 15% of a vehicle’s ex-factory price instead of 40%, which more than halved the per-vehicle subsidy to about Rs 22,500 from a prior cap near Rs 60,000 (JMK Research & Analytics, July 2023). Retail sales of high-speed electric two-wheelers cratered by more than 55% month-on-month in June 2023 as OEMs scrambled to reprice and strip down models to stay affordable (JMK Research & Analytics, July 2023; EMobility+, July 2023). Because Vecmocon is paid per unit its OEM customers ship, a sudden reverse in two-wheeler volumes hits its order book directly rather than at one remove. It is probably not a coincidence that Vecmocon’s next institutional round after October 2022 did not close until November 2024 — a two-year gap, spanning almost exactly the subsidy shock and its aftermath, in a company that had raised fresh capital roughly every one to two years before and since.
The turning point
If there is a single moment where Vecmocon stopped being a grant-funded lab project and became a venture-backed company, it was October 2022. Before that round, the company’s total disclosed outside capital was the $300,000 seed cheque from 2019 plus DST grant support, and its scale was modest: in the 2022 financial year it said it held orders worth about $5 million, covering somewhere between 30,000 and 40,000 vehicles, run by a team of about 20 engineers (TechCrunch, October 2022). In a single round that October, it raised $5.2 million — co-led by Tiger Global Management and Blume Ventures — more than 17 times its entire prior funding history in one transaction, and its first marquee global venture investor (TechCrunch, October 2022). That round did not just add cash; it added a Tiger Global board presence and validation that pulled in the later Series A investors. Everything that followed — the 2024 and 2025 Series A rounds, the 70-plus client roster, the push into Southeast Asia and Africa — traces back to that one cheque.
The money behind it
- 2019 — seed, $300,000: from Tessellate Tech Ventures, alongside IIT Delhi and DST grant support, funding the original BMS research (TechCrunch, October 2022).
- October 2022 — pre-Series A, $5.2 million: co-led by Tiger Global Management and Blume Ventures, Vecmocon’s first marquee institutional round (TechCrunch, October 2022).
- November 2024 — Series A (first tranche), $10 million: led by Ecosystem Integrity Fund (EIF), with Blume Ventures and British International Investment (BII) participating; Tiger Global did not take part in this tranche (Entrackr, November 2024; Entrepreneur India, November 2024).
- June 2025 — Series A extension, Rs 74 crore (about $8.7 million): a mix of primary capital (Rs 50.4 crore, split between EIF and Aavishkaar Capital) and secondary sales (Rs 23.7 crore), in which early backer Tessellate Tech Ventures fully exited its 2.97% stake for Rs 15.85 crore — more than 10 times its original Rs 1.5 crore investment (Entrackr, June 2025; Outlook Business, June 2025).
- Total Series A raised: reported at $18 million once the November 2024 and June 2025 tranches are combined (Outlook Business, June 2025); trackers differ on cumulative lifetime funding, with Inc42 citing $33.5 million raised across four rounds and other aggregations landing closer to $24 million when only the disclosed, dated tranches above are summed — the company has not published a reconciled figure.
- Reported valuation: about Rs 533 crore (roughly $63 million), post-allotment after the June 2025 round — an Entrackr estimate based on the round’s share pricing, not a company-confirmed number (Entrackr, June 2025).
- Post-June 2025 shareholding: Blume Ventures 13.27%, Ecosystem Integrity Fund 12.6%, Aavishkaar Capital 7.51%, Tiger Global 7.17% (Entrackr, June 2025).
How it makes money
The part people usually get wrong about Vecmocon is assuming it is a battery company. It is not. It designs battery management systems, chargers, controllers and clusters, then has them manufactured by third-party electronics manufacturing services (EMS) providers around the National Capital Region rather than running its own factory — an asset-light model that lets it scale unit volumes without heavy capital spending on plant (Aavishkaar Capital). Its revenue comes from two layers: selling the hardware itself to OEMs and battery makers, and a software layer on top — cloud-based diagnostics and fleet-performance data sold to OEMs, financiers and fleet operators who want to know how a battery is actually ageing in the field (Vecmocon company website; YourStory, May 2025).
- Money in: per-unit hardware sales to OEMs and battery makers, plus platform/data fees for fleet diagnostics.
- Costs out: EMS manufacturing fees, component procurement (increasingly aimed at displacing Chinese-sourced parts), and the co-development engineering cost of qualifying each new vehicle platform.
- Where the margin sits: Aavishkaar Capital, one of its investors, has said the company runs “healthier gross margins than comparable component suppliers,” attributing this to the switching costs created once a BMS is co-developed and safety-homologated into a specific vehicle model — an OEM cannot easily swap suppliers mid-platform without re-certifying the vehicle (Aavishkaar Capital).
- Company-stated scale differs from filed figures: Vecmocon’s own website cites an annual recurring revenue (ARR) of about Rs 27.5 crore for 2023-24, roughly 1.7 times the Rs 15.87 crore operating revenue reported for FY24 in regulatory filings cited by Entrackr — a gap consistent with ARR being a forward run-rate rather than booked revenue for the year.
The numbers
| Fiscal year | Revenue (Rs crore) | Net profit / (loss) (Rs crore) |
| FY23 (ended March 2023) | 4.2 | (0.41) |
| FY24 (ended March 2024) | 15.87 | (6.0) |
| FY25 (ended March 2025) | 34.6 | Not disclosed publicly as of September 2026 |
- Revenue nearly quadrupled from FY23 to FY24 (4.2 to 15.87 crore), then grew a further 102.8% into FY25 (Entrackr; Inc42).
- Losses widened alongside growth in the one pair of years with both figures disclosed — from Rs 41 lakh in FY23 to Rs 6 crore in FY24 — consistent with a components business still spending ahead of revenue on engineering and OEM qualification cycles (Entrackr).
- Headcount grew from about 20 engineers at the time of the October 2022 round to more than 200 employees by 2026, per Inc42’s company profile, alongside investor Aavishkaar Capital’s own count of 157 employees around the June 2025 round.
Where the money comes from
- Vehicle segment: two-wheelers and three-wheelers make up the core of Vecmocon’s business, with early moves into light commercial vehicles and buses (Entrepreneur India, November 2024).
- Geography: India is the primary market; the company reported pilot programmes in the United States, Sri Lanka and Malaysia as of October 2022 (TechCrunch), and has since said it is targeting entry into Southeast Asia, Africa and EMEA markets alongside its global-compliance product push (Entrepreneur India, November 2024; Outlook Business, June 2025).
- Customer mix: a small number of named anchor accounts — Exide, BGauss and Battery Smart — sit alongside a broader base the company says exceeds 70 clients (Aavishkaar Capital).
- The surprise: despite selling into a hardware-heavy industry, a meaningful share of Vecmocon’s pitch to investors rests on the data platform layered on top of its electronics — real-time battery and fleet diagnostics sold to OEMs, financiers and fleet operators, not just the components themselves (YourStory, May 2025; Vecmocon company website).
The risks
- Policy dependency: Vecmocon’s revenue tracks how many EVs its OEM customers ship, and that number has already proven sensitive to subsidy policy — the May 2023 FAME-II cut triggered a more than 55% month-on-month collapse in high-speed electric two-wheeler retail sales within weeks (JMK Research & Analytics, July 2023). Any further reduction or lapse in state or central EV incentives would compress OEM order volumes, and Vecmocon’s orders with them, at one remove.
- Concentration among anchor accounts: even with a stated base of more than 70 clients, the company’s most visible relationships are with a handful of large names — Exide, BGauss and Battery Smart. Component suppliers with this shape of customer list typically see a disproportionate share of revenue tied to a small number of anchor OEMs, so the loss or slowdown of any one of them would matter more than its single line in a client list suggests.
- Continued losses funded by outside capital: Vecmocon has posted a loss in every year for which figures are public — Rs 41 lakh in FY23 and Rs 6 crore in FY24 (Entrackr) — even as revenue grew sharply. Its expansion, including the Rs 74 crore raised in June 2025, is being funded largely by venture investors rather than internal cash generation, which makes continued access to funding rounds, not just customer growth, a condition for the current pace of expansion.
The takeaway
Vecmocon’s arc is a reminder that not every durable technology business in India needs to be consumer-facing or software-margin to matter. It spent three years as an unglamorous, grant-funded hardware lab before it sold a single unit, in a category — battery electronics for two- and three-wheelers — that most venture money in Indian mobility skipped past on the way to funding the vehicles themselves. The lesson is not that hardware is easy; the FAME-II shock shows how exposed a components supplier is to policy it does not control. It is that a founding team willing to sit inside someone else’s supply chain, solve the unglamorous safety-and-reliability problem underneath it, and survive long enough for that problem to become non-negotiable for OEMs, can end up with switching costs — and pricing power — that a flashier, rider-facing brand never gets.
Frequently asked questions
What does Vecmocon Technologies actually make?
It designs battery management systems, vehicle intelligence modules, motor controllers, instrument clusters and chargers for electric two- and three-wheelers, plus a cloud platform for battery and fleet diagnostics, sold to EV OEMs and battery makers rather than to end riders.
Who founded Vecmocon and when?
Peeyush Asati, Shivam Wankhede and Adarshkumar Balaraman founded the company in August 2016, incubated at IIT Delhi, after doing unpaid consulting work for e-rickshaw manufacturers that exposed India’s reliance on Chinese-built EV electronics.
How much funding has Vecmocon raised, and at what valuation?
Disclosed, dated rounds include a $300,000 seed in 2019, a $5.2 million pre-Series A in October 2022, and a Series A totalling a reported $18 million across a November 2024 tranche and a June 2025 extension. Entrackr estimated its post-allotment valuation at about Rs 533 crore (about $63 million) after the June 2025 round; the company has not confirmed this figure, and trackers disagree on lifetime funding raised, ranging from about $24 million to $33.5 million.
Is Vecmocon Technologies profitable?
Not as far as public filings show. It reported a net loss of Rs 41 lakh in FY23 and Rs 6 crore in FY24 even as revenue grew sharply; its FY25 profit or loss has not been disclosed publicly as of September 2026.
Who are Vecmocon’s biggest customers and investors?
Named customers include Exide Industries, BGauss and Battery Smart, alongside a broader base the company says tops 70 clients. Key investors include Tiger Global Management, Blume Ventures, Ecosystem Integrity Fund, Aavishkaar Capital and British International Investment.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ Rs 96.0 as of 18 September 2026 (Trading Economics).
- Entrackr, “Vehicle intelligence startup Vecmocon raises $10 Mn in Series A round,” November 2024.
- Entrackr, “Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return,” June 2025.
- Entrackr, “Vecmocon raises $18 Mn in Series A round led by EIF,” June 2025.
- Inc42, “Vecmocon Technologies — Funding & Revenue” company profile, accessed September 2026.
- Outlook Business, “Deep-tech Startup Vecmocon Raises its Series A Investment of USD 18mn,” June 2025.
- TechCrunch, “Tiger Global, Blume back startup bringing safety — and intelligence — to EVs,” October 2022.
- Entrepreneur India, “Vecmocon Technologies Secures USD 10 Mn in Series A Funding to Advance EV Intelligence,” November 2024.
- YourStory, “Vecmocon: Building India’s Brain for Electric Vehicles,” May 2025.
- Aavishkaar Capital, “Why we invested in Vecmocon Technologies,” 2025.
- Vecmocon Technologies, company website (About Us and milestones pages), accessed September 2026.
- JMK Research & Analytics, “FAME-II Revision: 21% Average Price Hike by E2W OEMs and Over 55% Decline in Sales in June 2023,” July 2023.
- EMobility+, “Drastic Reduction In FAME-II Subsidy Sparks Sharp Decline In Indian Electric Two-Wheeler Sales,” July 2023.
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