Mid-market private equity firm Xponentia Capital Partners has invested in deep-tech company Sedemac Mechatronics as part of a $100-million (Rs 833 crore) round.
A91 Partners and 360 ONE Asset also participated in the round, Sedemac said in a statement.
Sedemac, floated by Professor Shashikanth Suryanarayanan and his students in a lab at IIT Bombay in 2007-08, said the transaction mainly involves the exit of some of the company's early investors, including Nexus Venture Partners, as well as TR Capital and Montane Ventures.
The total amount includes a primary infusion of around $9 million (Rs 75 crore) into the company at an equity valuation of $260 million. This fresh infusion will help establish a new manufacturing plant and provide a financial cushion towards pursuit of growth prospects in India, the US, and the EU, said Suryanarayanan.
“The Sedemac leadership is building an extraordinary business leveraging India's engineering talent to create IP catering to large markets,” said Bhavya Kapoor, MD at Xponentia Capital, which marked the final close of its second fund in December 2023.
Sedemac offers critical-to-the-application control products in large volumes to leaders of diverse markets globally. Its products typically incorporate one or more unique control technologies built in-house.
The company says it supplies millions of controllers each year from its facilities in Pune to the two- and three-wheeler manufacturers as well as generator and e-bike companies.
Sedemac posted net sales of Rs 423 crore during fiscal year 2022-23 as against Rs 283 crore the year before. The company's profit rose to Rs 11 crore from Rs 3.5 crore during the period under review, as per VCCEdge.