Bangalore, 21st November 2023: Seafund Ventures, a venture capital firm focusing on early-stage investments, has strategically invested Rs 5 crore across five startups dedicated to sustainability. This aligns with Seafund’s commitment to allocate 20% of its total investible corpus to Clean Energy and the EV value chain, encompassing sectors like Transportation, Logistics, and Circular Economy. Currently in the process of raising its second fund with a target corpus of Rs 250 crore, Seafund is actively contributing to the growth of innovative startups.
The five startups receiving investments from Seafund are Redwings, Docker Vision, Swapp Design, Simatricals, and Evhicle.
- Docker Vision: Leveraging Computer Imaging and AI, Docker Vision accelerates the mobility of shipping containers at ports and assesses real-time conditions.
- Swapp Design: Specializing in interoperable and modular architecture, Swapp Design facilitates fast battery swapping using Autonomous Robots.
- Simatricals: Known for robust autonomous EV wireless charging solutions, Simatricals offers high-speed charging through auto-alignment suitable for different vehicle classes.
- Evhicle: Producing Vehicle Control Units (VCUs), Evhicle provides intelligence to EVs for optimizing vehicle dynamics, telemetry, payload monitoring, and over-the-air updates.
- RedWings: Designing, developing, and deploying fully autonomous drones, RedWings transforms logistics supply chains and is at the forefront of commercializing these services in India.
Manoj Agarwal, Managing Partner at SeaFund, expresses, “The EV landscape in India is at its nascent stage, and the opportunity from clean mobility to EV Tech is now beginning to be explored as more investors are understanding the thesis of growth. We take pride in the fact that for us sustainability and EV related sectors have always been a priority, and it is now that we are seeing real innovation across the value chain. We will continue to help our portfolio companies to scale and continue to look for fresh investment opportunities in this sector.”
As part of their investment strategy, Seafund plans to invest more significantly in one or more of these startups as they scale and meet performance milestones, consistent with deploying more than 50% of its corpus in follow-on rounds. Seafund remains committed to working closely with these startups and anticipates further investments in these and other potential ventures offering unique EV-based mobility solutions. This strategy is in line with Seafund’s Environmental, Social, and Governance (ESG) approach to building a robust portfolio across various climate-focused technologies.
Narendra Bhandari, General Partner at SeaFund, notes, “The wider conversation is that the shift towards cleaner and more sustainable models is no more a choice but a necessity given the fast deterioration in the environment in our cities. Coupling this with disruptive startups emerging from several corners of India is encouraging early investors like us to work with the founders and provide them with capital and access to grow their businesses.”
Mayuresh Raut, Managing Partner at SeaFund Ventures, emphasizes the accelerating adoption of EVs in India, especially among B2B logistics and supply chain players. These entities are leveraging EVs for last-mile delivery due to compelling economic advantages. Raut highlights that the convergence of government policies, a homegrown ecosystem of design and manufacturing entities, and the availability of capital are propelling rapid EV adoption in this sector.
In summary, Seafund Ventures’ strategic investments are poised to make a significant impact on the sustainable and EV sectors in India, contributing to the nation’s dynamic startup ecosystem.
