Seafund Ventures Allocates INR 5 Crore to Propel Sustainability Startups in India
- ByStartupStory | November 21, 2023
Seafund Ventures, a venture capital firm emphasizing sustainability, has strategically allocated Rs 5 crore among five burgeoning startups: Redwings, Docker Vision, Swapp Design, Simatricals, and Evhicle. This investment, focused on early-stage ventures, reflects Seafund’s commitment to nurturing impactful initiatives. Notably, 20% of their investible funds are earmarked for clean energy and the electric vehicle (EV) value chain. This allocation encompasses various sectors like transportation, logistics, and the circular economy, aligning with Seafund’s vision for a sustainable future.
Manoj Agarwal, the Managing Partner of Seafund, highlighted the burgeoning potential within India’s EV landscape. He stated, “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 will continue to help our portfolio companies to scale and continue to look for fresh investment opportunities in this sector.”
Furthermore, Seafund is currently in the process of raising its second fund, aspiring to achieve a substantial corpus of Rs 250 crore. Agarwal emphasized their intent to persist in aiding portfolio companies’ growth while actively seeking fresh investment avenues within the clean mobility and EV technology sphere. Over the upcoming months, the startups under Seafund’s wing will benefit not only from monetary backing but also from tailored programs aimed at propelling their market penetration and expansion.
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