26 Aug, 2022
Mumbai: AutoNxt Automation is looking to raise Rs 27 crore (USD 3.5 million) in pre-Series A funding round by October-November for the production of electric tractor and its launch, founder and CEO Kaustubh Dhonde said. Founded in 2016, the automation technology startup is expected to roll out its first e-tractor in 20HP, 35HP and 45HP variants by the year end, Dhonde told PTI.
In May this year, the company completed the last tranche of Rs 6.4-crore seed funding round from angel investors.
"We are working on raising Rs 27 crore (USD 3.5 million) in the pre-Series A round of funding. We are typically looking at strategic investors who are from the family offices, having experience in manufacturing, and our focus will also be on VCs who are investing to harvest the electric mobility space," Dhonde said.
He said the company expects the Series A fundraise process to be completed by October-November.
The funds will be used for the pilot production of the electric tractors, expanding the workforce and roll out of the e-tractor in the market.
Dhonde said that the company has orders for around 150 electric tractors in hand and has also received interest from European customers.
The production is expected to commence from January onwards while the tractor may hit the farms by March, he said.
Escorts Agri Machinery sold 10,051 tractors in June 2022
Escorts Kubota Limited sold 5,360 tractors in July 2022
Vst sold 502 Tractors and 3747 Power Tillers in July'22
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