NR Narayana Murthy's Catamaran funds auto parts maker Sedemac
founder NR
Narayana Murthy
's family office
Catamaran
has made an investment in Pune-based automotive electronic and electrical component maker
Sedemac Mechatronics
.
The financials of the transaction could not be ascertained.
'It was a secondary transaction. One of the early investors has exited and Catamaran has joined the cap table,' said a person privy to the development.
The secondary deal comes ahead of talks of a potential initial public offering (
IPO
) of Rs 800-1,000 crore.
While the exiting investor was not disclosed, its early investors include Nandan Nilekani-backed NRJN Family Trust, which invested in 2017, and growth investor Iron Pillar, which infused capital in 2018.
The Catamaran deal also comes along the lines of the potential growth seen in the domestic supply chain in precision manufacturing in India.
Its other investors include Xponentia Capital Partners, A91 Partners and 360 ONE Asset along with family offices of Infosys co-founder Kris Gopalakrishnan and Mindtree co-founder NS Parthasarathy, Raintree Family Office of Leena Dandekar and logistics & courier company AFL Pvt Ltd's chairman and managing director Cyrus Guzder.
Both Catamaran and Sedemac founder Shashikanth Suryanarayanan declined to comment.
Catamaran has over $1 billion in assets with public and private investments across technology, manufacturing, deep tech and ecommerce. The family office has backed around 28 private firms including Acko, Udaan, PaperBoat and Elon Musk's SpaceX.
Its most recent publicly known investment was in July 2024 in Bengaluru-headquartered Eton Solutions, a cloud-based software services firm for family offices.
Last year, Catamaran's president Deepak Padaki told ETabout the investor's strategy to focus on public market companies and plans to expand its portfolio with intelligent manufacturing startups focused on robotics, predictive analytics, maintenance, etc.
In May last year, Sedemac, the brand name under which the company operates, saw a $100 million (then around Rs 830 crore) investment round led by Xponentia Capital Partners, A91 Partners and 360 ONE Asset at a valuation of $230 million.
However, a majority of the funding was a secondary transaction with around $9 million of the investment infused into building a new manufacturing plant. That round saw the full exit of the company's first institutional investor Nexus Venture Partners along with TR Capital and Montane Ventures.
Since its inception in 2007, the company has raised nearly $26 million (around Rs 220 crore as on Tuesday's exchange rate).
Sedemac, an acronym for Separating Decision Making from Actuation, the principle behind mechatronics, was founded by IIT-Bombay professor Suryanarayanan and his lab students—Manish Sharma, Amit Dixit and Pushkaraj Panse.
The company makes critical components used to help generate power in automotive vehicles. Its products are used in small engines, electric vehicles and e-bikes.
Sedemac employs over 400 people and caters to large original equipment manufacturers (OEMs) in India, including
Hero Motocorp
, Mahindra Group and TVS. The firm has a development centre and two manufacturing plants in India.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
14 minutes ago
- Mint
Centre working on framework to help panchayats become financially-autonomous
New Delhi: The government is working on a framework to help village councils (panchayats) generate their own revenue and become financially autonomous, carrying out development works without relying on funds from the Centre or states. The Union Panchayati Raj ministry has set up a panel, consisting of senior officials from various state governments, which is tasked with formulating a blueprint that can act as a guide for states and Union territories (UTs) in creating and amending their model OSR (Own Source of Revenue) rules. "We have constituted a committee comprising senior officials from various state governments, to prepare a model OSR framework of panchayats, which can serve as a benchmark for the states in formulating and amending their OSR rules," Vivek Bharadwaj, secretary, ministry of panchayati raj, said. The template, to be shared with states and UTs, aims to plug the gaps in existing regulations and guide local bodies in mobilising revenue, which mainly comes from taxes, fees and other charges. The development assumes significance, as nearly a dozen states and UTs don't have OSR rules. The 22 states and UTs that have already formulated the rules need to update them, said Bharadwaj. Own Source Revenue (OSR) refers to the revenues that panchayats generate on their own, from sources such as property tax, water charges, market fees, trade licence fees and building permit fees. OSR rules help regulate, standardize, and empower panchayats to collect and manage the revenues efficiently. The OSR rules are crucial to panchayat as they empower them to function independently and also reduce over-dependence on central and state grants. Additionally, they support local development projects with locally-generated funds. According to Bharadwaj, there are 11 states and UTs that have not yet framed OSR rules. These include Arunachal Pradesh, Bihar, Jharkhand, Manipur, Nagaland, Sikkim, Uttar Pradesh, Andaman & Nicobar Islands, Dadra and Nagar Haveli and Daman and Diu, Ladakh and Lakshadweep. Twenty two states and UTs have already developed and implemented OSR-based regulations, allowing panchayats to levy and collect taxes, fees, tolls, or other local sources of revenue. Among these states are Andhra Pradesh, Assam, Chhattisgarh, Goa, Gujarat, Haryana, Kerala, Maharashtra, Tamil Nadu, and Karnataka. Some States have detailed guidelines on fixing OSR rates. In many instances across the states, it has been observed that much more efforts need to be made towards fulfilment of these requirements. "Financial rules related to OSR generation were prepared long ago in states, and hence have been suffering from various deficiencies like use of incomprehensible legal jargons and lack of updating," Bharadwaj added. Panchayats, which act as grassroots-level bodies to implement government programmes and for achieving the sustainable development goals, get grants from the Centre, state governments, as well as raise their own revenue in a limited way through internal sources like local-tax revenues and user charges. "Self-sufficiency is an ideal state for gram panchayats as they can have more funds to carry out developmental works. However revenue collection is conditional as it depends on economic activities in a particular area," said Sri Hari Nayudu, economist, National Institute of Public Finance and Policy (NIPFP), New Delhi. "Most of the time we are dependent on state government grants for developmental works, since most of us doen't know how to increase revenue. The proposed rules can guide us in that direction," said Gurcharan Singh, Panch-Charik Patti Sarkar, a rural local body in Moga district of Punjab. In 2021-22, the average per capita OSR collected by panchayats at all-India level was ₹ 100. Also, the average OSR for gram panchayat was ₹ 230,000 per year, with 42% of gram panchayats having less than ₹ 100,000 revenue per year. "The key reasons behind low revenue collection are over-dependence on grants, underutilization of tax powers, weak administrative systems and trust deficit with citizens which limit the revenue," said an economist who requested not to identified.
The Hindu
16 minutes ago
- The Hindu
Tamil Nadu prepares the ground to grab a major share in semiconductor landscape
Building on its position as the frontrunner in India's electronics and semiconductor landscape, Tamil Nadu has sanctioned the Semiconductor Design Promotion Scheme under its ₹500-crore Tamil Nadu Semiconductor Mission 2030 (TNSM 2030). Announced in the Tamil Nadu Budget 2025, the scheme is aimed at turbocharging the State's fabless design ecosystem by offering targeted subsidies and prototyping grants, positioning the State as the future nerve centre of chip innovation. According to a Government Order, financial incentives and facilitation support will be extended to Tamil Nadu-based entities engaged in semiconductor design for Integrated Circuits (ICs), chipsets, system on chips (SoCs), IP cores, and semiconductor-linked design. For instance, for firms whose products are commercially deployed, a payroll subsidy will be offered for Tamil Nadu residents. It will be 30% in the initial year, 25% in the second year, and 20% in the third year. This subsidy will be capped at ₹20,000 per employee per month. Payroll subsidy Companies whose products are yet to be commercially deployed, a payroll subsidy covering 50% of the payroll cost (basic wages) of the employees for three years will be given, subject to a ceiling of ₹5 crore per company. The company should demonstrate the proposed product's technical viability to an expert committee. The government will also negotiate with national and international semiconductor fabs to get concessional rates for fabricating the chips designed by the local companies. The government will encourage the use of Tamil Nadu-designed semiconductor products in public procurement within the framework of the Tamil Nadu Transparency in Tenders Act. Industries Minister T.R.B. Rajaa said, 'We are unfazed by major semiconductor investments being dragged to other States, despite our unmatched talent pool and mature electronics ecosystem with global players. While we continue to attract investments in manufacturing, we will focus on semiconductor design and research and development. Our Chief Minister has made it clear that nothing shall stop our ambitions in the sector.' Infra support The State is also betting big on establishing Centres of Excellence (CoEs) to provide infrastructure required for chip design, testing, and validation. Tamilnadu Industrial Development Corporation Limited (TIDCO) will promote these centres by attracting private sector investment on commercial terms. It will be a 'for-profit' company (a special purpose vehicle) established as a joint venture between a private player or an academic institution partner and TIDCO. And TIDCO will be permitted to offer up to 40% of the project cost as grant to the SPV, not exceeding ₹75 crore per project. The government will reimburse the grant. According to a government order, TIDCO may be given a 20% equity in each of the financially assisted SPVs, irrespective of the quantum of the grant. And the TIDCO Board has been authorised to dilute the stake to 5% for accommodating future investors in the project. The government will facilitate the training of 1,000 students from engineering colleges in the State under the India Semiconductor Workforce Development Program (ISWDP). TNSM focuses on four major aspects – promotion of fabless companies undertaking design, testing and packaging in the State; promotion of semiconductor machinery manufacturing; promotion of research and innovation in the semiconductor sector; and creation of skilled workforce for the global and domestic semiconductor industry.
India.com
16 minutes ago
- India.com
Bad news for Ratan Tata's TCS after massive layoffs, IT giant loses Rs 5.66 lakh crore due to..., worst phase for company since...
TCS is undergoing its worst crisis since the 2008 recession. (File) TCS market cap: Amidst the backdrop of the controversy surrounding its decision to cut more than 12,000 jobs in the current fiscal year, Tata Consultancy Services (TCS), India's largest IT services exporter, has witnessed a rout of its market cap, which slumped from Rs 16.57 lakh crore to Rs 10.93 lakh crore, a decrease of Rs 5.66 lakh crore. According to market analysts, TCS, the flagship company of the Tata Group, is going through it worst crisis since the 2008 recession, when it shares had fallen by 55 percent. TCS share prices have dipped 25 percent in 2025, and experts predict the current financial could be the worst in company's history if the downfall continues. Why TCS shares are falling? According to analysts, India's stock market has witnessed a turmoil over the past few months as foreign investors are withdrawing from the market in droves amid US President Donald Trump unleashing tariff war against India, and recently announcing 50% import duty on Indian exports. The IT industry, once considered a favorite for FIIs, is now witnessing a decline, with foreign investors reducing their stake in TCS from 12.35% in June 2024 to 11.48% in June 2025, which has resulted in the company's shares falling by over 25 percent in the current financial year. The Nifty IT index has fallen 25% so far this year, making it the worst-performing sector in the market as over half of the Rs 95,600 crore withdrawn from India by FIIs till July 2025 has come from IT stocks alone. Why mutual funds investment increased? Meanwhile, domestic mutual funds have raised their stake in TCS from 4.25% to 5.13%, making fresh purchases worth Rs 400 crore in the company, according to data. TCS' trailing PE declined from 41x to 20x, five-year CAGR stands at 8.5%, while stock CAGR is 6%, the data showed. Notably, India's IT sector has grown at a compounded annual rate of 12.5% over the last two decades, but has underperformed the Nifty over the last three to five years. TCS layoffs According to recent media reports, TCS is mulling to cut about 2 percent of its global workforce, which would result in over 12,000 TCS workers losing their jobs in the current financial year. The company's decision is being investigated, with Jefferies warning that TCS layoffs could result in a slowdown in execution in the near term and an increase in the workforce in the long term.
