PE-VC Fund Investments
EV-tech player Vecmocon attracts $ 8.7 M; Tessellate Ventures exits with 10X return
Delhi-based vehicle intelligence company Vecmocon Technologies has attracted INR 74.1 crore (around USD 8.7 million) from Aavishkaar Capital and existing investors Ecosystem Integrity Fund (EIF) and Blume Ventures,. The deal was a mix of primary (INR 50.4 crore) and secondary transactions (INR 23.7 crore).Of the primary capital component, Ecosystem Integrity Fund (EIF) will invest INR 21 crore and the rest will come from Aavishkaar Capital. The secondary transaction will provide a complete exit to early backer, Tessellate Tech Ventures, which has offloaded its 2.97% stake for INR 15.85 crore (netting over 10X returns on its initial INR 1.5 crore investment).Angel investors Tina Goyal, Nishit Aggarwal, and Satyam Darmora are also making a full exit. The company’s co-founders will partially offload their shares. Together, the individual shareholders are selling shares worth INR 7.85 crore to Blume and Aavishkaar.Founded in 2016 by Peeyush Asati, Adarshkumar Balaraman and Shivam Wankhede, Vecmocon offers a range of products and services to EV manufacturers including battery management systems, vehicle intelligence modules, instrument clusters, and chargers.
Between Sep 2022 and Nov 2024, Vecmocon had attracted about USD 15 M from Blume Ventures, British International Investment, Tiger Global, and others
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