Moonrider Electric Tractor Startup Raises Rs 18.26 Crore in Seed Funding

10 Jan, 2025

Bangalore-based electric tractor company Moonrider has received ₹18.26 crore as seed funding. The company will use this fund to enhance vehicle engineering, battery technology, and vehicle software. It is committed to offering affordable, sustainable solutions for farmers and fleet operators.

AdvantEdge Founders and Micelio Technology Fund led the funding round. Angel Investors was also a part of this event. Let’s see how the company is going to invest this fund in the growth of its business and the tractor industry.

Moonrider Pioneering Electric Tractor Technology

Moonrider was started in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, focusing on innovative technologies for electric tractors. The founders have a strong background in vehicle engineering and electric vehicle research and development, which they have gained while working in firms like Volvo Group, Ola Electric, and Olectra BYD.

The company focuses on creating heavy-duty electric tractors with lower operational cost. When they combine their excellent tech skills with smart supply chain management strategies, they make everything possible. They also got a patent for their battery technology.

Innovative Farming Solutions

Moonrider's electric tractors are made to meet a wide range of farming needs. They help farmers make more money and protect the environment at the same time. These tractors are great for farmers and those who manage a fleet since they help save on costs.

Market Impact and Partnerships

The company got a lot of attention at a farming show in Hyderabad. Individual farm owners, FPOs, and other stakeholders in the agricultural sector seemed interested in its electric tractors. To provide scalable, effective solutions, Moonrider has developed alliances with well-known Indian and worldwide fleet operators as well as major agricultural companies.

Expert Reviews and Industry Potential

Mr. Kunal Khattar, from AdvantEdge Founders, said, “AdvantEdge’s fund thesis centres around accelerating the transition from the internal combustion engine to electric vehicles and we see electric tractors as the next category since they are 50 percent cheaper to own and maintain.” We believe we are at the right intersection point for electric tractors given the technology and business model evolutions.

Mr. Shreyas Shibulal, the founder of Micelio Fund said, "At Micelio Fund, we aim to back disruptive and sustainable innovations that push the envelope of clean mobility and Moonrider feels right at home,”.

Conclusion

Leveraging its innovative concepts and the funds acquired, the organization has the potential to transform agricultural practices, enhance farmers' profitability, and foster the industry's sustainable viability. We wish the company could bring more sustainable solutions in the form of some amazing electric tractors in India.