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Electric tractor startup Moonrider has raised $ 6 Mn (about INR 54 Cr) in its Series A funding round led by pi Ventures. The round also saw participation from Singularity AMC and existing investors AdvantEdge Founders and Micelio Fund.
The startup plans to deploy the capital to accelerate product development, particularly refining powertrain and battery technologies to suit Indian farming conditions, cofounder and CEO Anoop Srikantaswamy told Inc42.
“The funds will also support durability testing, scaling manufacturing readiness, and preparing the 27 HP, 50 HP and 75 HP models for commercial rollout, as the company moves closer to large-scale adoption of electric tractors in Indian agriculture,” he added.
Founded in 2023 by former Volvo executives Srikantaswamy and Ravi Kulkarni, Moonrider manufactures electric tractors, which it claims reduce operating costs for farmers by cutting land preparation and farming activities expenses by up to 80%.
The startup has developed proprietary battery technology aimed at reducing costs. Unlike premium EVs that typically cost 1.5X-2X their ICE counterparts, Moonrider claims that its electric tractors maintain price parity with diesel variants.
As per its website, the startup currently has two electric tractors with 27HP and 50HP. It claims to offer 30-minute charging and 7-hours runtime.
Moonrider claims to be the only electric tractor company in India with a fully homologated, road-ready product portfolio. The funding will help it transition from pilot to full commercial deployment.
In January this year, the Bengaluru-based startup raised $2.2 Mn (INR 19 Cr) in its seed funding round to strengthen its capabilities in vehicle engineering, vehicle software and battery technology.
The development comes at a time when India’s electric vehicle market is poised to become a $132 Bn industry by 2030. While electric two-wheelers and cars are seeing rapid adoption, companies are now focusing on increasing the EV penetration in the buses and tractors segment.
Stirred by the market potential and the government initiatives such as the PM E-DRIVE scheme, the country’s EV sector continues to bag funding from VC firms. Last month, EV battery manufacturer Neuron Energy secured INR 31 Cr and EV OEM 3EV Industries raised INR 120 Cr (around $14.4 Mn).
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