The platform will deploy the fresh funds for team building, business expansion, scaling up of operations and product innovation across geographies

Tiger Global has invested over $5 million in Vecmocon Technologies. a deeptech electric vehicle (EV) startup in a pre-Series A investment. Tiger Global led the funding round in which Blume Ventures and a number of key angel investors also participated.

The platform will deploy the fresh funds for team building, business expansion, scaling up of operations and product innovation across geographies.

Founded by Peeyush Asati, Adarshkumar B and Shivam Wankhede in 2016, the platform develops mobility solutions that help original equipment manufacturers (OEMs) get access to components which are both robust and field-tested. The company claims to power 5,000 EVs via its products and aims for 500,000 vehicles by 2025.

Asati, Founder, Vecmocon said, “EV mass adoption is not a product story but an ecosystem story. 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 for the world.”

Tiger Global Management, Founded in 2001, is a growth equity firm that focuses on public and private companies that operates in the internet, software, consumer and financial technology sectors.

Blume Ventures was founded in 2010 by Karthik Reddy and Sanjay Nath. The firm had closed the debut fund in 2011 to raise Rs 100 crore (around $20 million) and gradually increased the fund sizes, after the development, the total managed capital of the company stands at more than $250 million at present. The VC firm has backed unicorns like Unacademy and Purplle.

Categories: Other News

Tags: Funding, Investment, Venture Capital