Deep tech enterprise startup Sedemac Mechatronics has raised $100 million in a fresh funding round led by Xponentia Capital Partners, A91 Partners and 360 ONE Asset. The deal marks a full exit for the company’s first institutional investor Nexus Venture Partners, which has backed prominent unicorns in India.
Sedemac’s other backers TR Capital and Montane Ventures also scored a complete exit with the latest round.
The transaction will lead to an infusion of $9 million into the company at an equity valuation of $260 million, per the company release.
Founded in 2008 by Shashikanth Suryanarayanan at the Indian Institute of Technology, Bombay, Sedemac develops and manufactures control technologies and products, particularly for motor and engine applications.
The company offers critical-to-application control products in large volumes to diverse markets globally. It supplies millions of controllers each year to the 2 & 3-wheeler, generator, and e-bike markets.
Sedemac will use the funding proceeds to establish a new manufacturing plant and finance its expansion plans in India, the US, and the EU.
“We thank Nexus for backing us in our early years when few investors looked at us and are glad that they have got handsome rewards for their patient approach,” said Suryanarayanan.
Sandeep Singhal, a board representative of Nexus, said Sedemac is a role model for building IP in India.
“The Sedemac team has built a generational company with phenomenal technology capabilities,” Singhal added.
Nexus, established in 2006, is one of the first India-US venture funds that has seen several cycles of investments and exits in India. It closed its seventh fund at $700 million in February last year to ramp up early-stage investments in India.
