Three points you will get to know in this article:
- Seafund is raising its second fund focusing on deeptech startups and clean energy
- The firm has backed five startups in the deeptech space, including those in the EV value chain
- There is increasing interest in the Indian EV landscape from investors, reflecting the trend towards cleaner and sustainable models
Seafund, a budding venture capital enterprise in its early stages, is in the process of raising its second fund, aiming for a substantial corpus of INR 250 Crores. The firm has recently thrown its support behind five innovative deeptech startups, channeling a total investment of INR 5 Crores into these promising ventures.
Pioneering Autonomous Drone Technology: RedWings
Among these dynamic enterprises are RedWings, Docker Vision, Swapp Design, Simatricals, and Evhicle. RedWings, a standout in the group, specializes in the design, development, and deployment of fully autonomous drones. Their groundbreaking work is poised to revolutionize logistics supply chains, marking them as pioneers in commercializing these cutting-edge services within the Indian market.
Advancing Port Logistics and Sustainable Energy Solutions
Docker Vision employs computer imaging and AI to streamline the movement of shipping containers at ports, offering real-time assessments of conditions. Swapp Design has ingeniously crafted an interoperable and modular architecture, utilizing autonomous robots for efficient battery swapping—a transformative solution for sustainable energy. Simatricals specializes in autonomous EV wireless charging solutions, bringing forth high-speed charging with auto alignment tailored for various vehicle classes.
Enhancing Electric Vehicle Intelligence: Evhicle
Evhicle specializes in crafting Vehicle Control Units (VCUs) that bring a dose of intelligence to Electric Vehicles (EVs), enhancing their performance in areas like vehicle dynamics, telemetry, payload monitoring, and seamless over-the-air updates.
Seafund’s Commitment to Clean Energy and EV Value Chain
Dedicated to fostering sustainable innovation, the fund plans to channel 20% of its investable funds into the dynamic realm of clean energy and the electric vehicle value chain. This commitment spans across diverse sectors such as transportation, logistics, and the circular economy.
Seafund’s Position as a Category 2 AIF
Seafund stands out as a Category 2 alternate investment fund (AIF) officially registered with the Securities and Exchange Board of India (SEBI). Positioned as an early-stage, technology-driven fund, Seafund’s focus spans the entire technological spectrum with a particularly keen interest in deeptech.
Supporting Visionary Teams and Emerging Technologies
At the heart of Seafund’s mission is the support for visionary teams on a quest to shape the technologies of the future. Beyond just financial backing, Seafund brings a holistic approach to its investments, providing not only capital but also unwavering commitment, a vast network, and invaluable experience.
Industry Perspectives on the EV Market in India
“According to Manoj Agarwal, managing partner at Seafund, the electric vehicle (EV) scene in India is just starting to unfold its potential, with increasing investor interest in both clean mobility and EV technology. He remarked, ‘We see a growing realization among investors about the prospects for growth in this sector.’
Narendra Bhandari, general partner at Seafund, highlighted the shifting narrative around sustainable models, stating, ‘Investors are recognizing that embracing cleaner alternatives is not just a preference but a necessity, especially considering the rapid environmental challenges in our cities.’
As Seafund continues to raise its second fund, there is a notable surge in interest from Limited Partners (LPs) in the Indian EV landscape. The plan is to bolster investments in startups like these as they achieve scalability, hit performance milestones, and showcase substantial growth. This approach perfectly aligns with Seafund’s commitment to allocate over 50% of its funds in subsequent funding rounds, emphasizing long-term support for promising ventures.
Seafund’s Recent Investments and Successful Exits
Seafund, a seasoned player with a portfolio of 16 diverse investments, recently took part in backing Zippee’s latest funding round, contributing a substantial $1.2 million. The venture capital firm has already celebrated three successful exits, showcasing its knack for spotting winners like GenRobotic, Clootrack, and Wigzo Technologies.
The Growing Momentum in India’s EV Sector
In the ever-evolving landscape where sustainability takes center stage for both startups and investors, the electric vehicle (EV) sector in our nation is experiencing a rapid surge, drawing significant financial backing. Today, Baaz Bikes, an exciting player in the EV space, proudly announced securing $8 million in its Series A funding round. Just last month, Ola Electric, on its journey towards an IPO, concluded a funding round amassing INR 3,200 crore, blending both equity and debt in a strategic mix. The momentum in the EV sector is undeniable, signaling a promising path ahead for sustainable mobility ventures.
Seafund, an early-stage venture capital firm, is raising its second fund with a target corpus of INR 250 Cr, focusing 20% of its investments on clean energy and the electric vehicle value chain. Backing five deeptech startups, including RedWings, Docker Vision, Swapp Design, Simatricals, and Evhicle, the firm aims to increase its investment as these startups scale. With a focus on sustainability, Seafund is witnessing growing interest in the Indian EV landscape from LPs and investors, reflecting the accelerating trend towards cleaner and more sustainable models in the country’s evolving environment.
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