This latest capital injection pushes the round's total size to around USD 161 million, with Accel Leaders Fund having previously led the round with a USD 131 million investment.
The funds will be used to expand Spinny's market presence, enhance its full-stack offerings, and strengthen technology-driven solutions for used-car buyers and sellers.
Vecmocon offers advanced Battery Management Systems, EV chargers, Vehicle Intelligence Modules, and secure Firmware Over-the-Air solutions, integrating cutting-edge hardware and software to enhance India's EV ecosystem and global e-mobility innovation.
Tiger Global led EnCharge AI's Series B round, with participation from Samsung Electronics' Ventures and HH-CTBC, a joint investment initiative by Taiwan's Foxconn and CTBC Venture Capital.
The Delhi-based startup aims to use the funding to enhance R&D in high-voltage systems, ESS, 5G connectivity, and Zonal ECU architectures, expand its team, and establish global-standard R&D infrastructure for EV advancements.
India's financing for environmental technologies increased significantly between 2018 and 2022, from USD 0.23 billion to USD 2.47 billion, according to a Tracxn analysis.
Funds will be utilized to to scale R&D, sales, and marketing operations, grow the team across streams globally, accelerate executive hiring, and expand the product portfolio.
The fresh capital has knocked up the company's valuation by almost 45 per cent since it entered the coveted unicorn club in September after raising USD 150 million funding led by Softbank at a valuation of USD 1.45 billion.
Softbank reportedly suffered $6.5 billion in operating losses from investments in cash-burning businesses including New York-based real estate firm WeWork, and cab-hailing service Uber.