Sedemac Mechatronics, a startup based in Mumbai, has raised around $7.5 million, led by Nandan Nilekani, co-founder of Infosys with participation of Nexus Venture Partners.
This investment is being termed as the biggest investment yet from Nandan. It is in line with his investment philosophy which prefers big, transformative ideas instead of the ecommerce companies.
The company is planning to use the newly raised capital to expand its footprints to other countries, including China and United States.
Founded in 2008 by Shashikanth Suryanarayanan with fellow IITians Pushkaraj Panse, Amit Dixit and Manish Sharma, Sedemac Mechatronics builds controls for small engines and powertrains.
It is technology company committed to establish itself as a leading Tier-I supplier of control-intensive products for automotive & off-highway powertrains.
The company aspires a unique position for itself in the “small engine controls” space — a developing world specific technology regime it considers to be traditionally under-served.
The company counts many leading automobile companies among its clients, including Tata Motors, Mahindra Group, Ashok Leyland and TVS Motors, etc.
Commenting about starting Sedemec, Shashikanth said:
I had no intention of starting a company when I came back to India. What started as a small lab-based enterprise has now grown into a company that sells state-of-the-art, technology-intensive powertrain control products to major companies.
“Overall we see about 25-30 million vehicles over the next 3-4 year utilising these products. Where Sedemac goes from here is that it will continue to try and build its story to create its position as a leader for controls for small power trains,” said Suryanarayanan.
He further added that “We also see potential in US, especially in the lawnmower industry which is pretty big. Much of the usage will continue to be India, China, sort of Asia focused, but increasingly into Africa, South America, North America, so on.”