Nandan Nilekani Funds Promising Automotive Start-up SEDEMAC
BENGALURU: Continuing his faith and investment in start-ups that bring transformative ideas in the technology front, Infosys co-founder Nandan Nilekani extends financial backing to Mumbai based automotive startup: SEDEMAC. Based on this announcement, SEDEMAC has landed itself a funding of around 50 crores jointly from Nilekani and their existing investor Nexus Venture Partners.
SEDEMAC Mechatronics is a technology company that develops and supplies innovative and reliable control solutions for engines and powertrains. They focus on building control solution that enables realization of best-in-class fuel efficiency, emissions and power delivery in applications involving small engines. They make controllers, electronic governors, variable speed controllers and smart EGR for Gensets whilst providing smart ignition and control intensive ECUs for two and three wheelers.
The company was founded in 2008 by Shashikanth Suryanarayanan, a mechanical engineering professor, along with fellow IITians: Pushkaraj Panse, Amit Dixit and Manish Sharma. Their current clients include automotive biggies like Mahindra Group, Ashok Leyland and TVS Motors.
"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," says Shashikanth. "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 powertrains."
The latest investment in SEDEMAC will mark at least the eighth venture that has been backed by Nilekani, who has also invested in early-stage startups including the highly rated Team Indus, which is aiming to land a rover on the moon, robotics firm Systematics and crowdfunding platform LetsVenture, who he believes are building disruptive ideas which are "highly impactful".
The SEDEMAC team plans to invest the funds to scale up and expand into the global market including China and the US.