Seafund Ventures Allocates INR 5 Crore to Five Startups Focused on Sustainability
New Delhi: Seafund Ventures, a company that helps new businesses grow, has put 5 crore Indian Rupees into five different startups that care about the environment.
They want to use 20% of their total money for investments in clean energy and electric vehicle-related areas, including transportation, logistics, and recycling. Right now, Seafund is gathering money for its second big investment project, aiming to collect 250 crore Indian Rupees.
The companies they have invested in are Redwings, Docker Vision, Swapp Design, Simatricals, and Evhicle.
Docker Vision is a company that uses computer technology and artificial intelligence to help move shipping containers faster at ports and check their condition in real-time.
Swapp Design has created a system where robots can quickly change batteries in different types of vehicles.
Simatricals builds strong, self-operating electric vehicle chargers that charge quickly and adjust themselves to fit various kinds of vehicles.
Evhicle makes smart control systems for electric vehicles that help improve how the vehicle moves, tracks data, checks the weight it’s carrying, and updates itself through the internet.
RedWings is working on making and using self-flying drones to change the way goods are moved around, and they are leading the way in starting to use these services in India.
“We believe that 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.”
-said, Manoj Agarwal, Managing Partner, SeaFund
These five firms have been chosen after a rigorous nationwide process, and Seafund is investing in them. The companies will receive financial support as well as market access and acceleration initiatives over the next months.
“As we continue to raise our second fund, we are seeing a huge interest in the Indian EV landscape from the LPs. 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.”
-said, Narendra Bhandari, General Partner, Seafund
While Seafund will continue to work with them and look forward to investing more in these and other potentials who offer unique EV based mobility solutions, it also intends to invest more in one or more of these startups as they scale, meet their performance milestones, and demonstrate growth – in line with its fund philosophy of deploying more than 50% of its corpus in follow-on rounds. This is also part of Seafund’s ESG strategy to build a powerful portfolio across various climate focused technologies.
“Adoption of EVs is accelerating in India and has reached a tipping point through the alignment of government policies, a homegrown ecosystem of design and manufacturing entities and now, the availability of capital to fund these ventures. The early adopters of EVs are the B2B logistics and supply chain players who are using these for last mile delivery as the economics make for a compelling use case. ESG goals of the enterprises and policy makers are propelling EV adoption at a rapid pace in this sector,”
-said, Mayuresh Raut, Managing Partner, Seafund Ventures
Content Credit: ET Auto