Moonrider Secures $2.2M in Funding to Advance Electric Tractor Technology
Electric vehicles (EVs) are no longer just a showcase item. They are making their way from individual customers to public transport and even into commercial use. For this, we have to thank the momentum built by many startups and traditional automotive giants. Moonrider emerges as a fresh example of this by paving the way for EVs in agriculture. And now, this electric tractor technology company has secured $2.2 million (approximately Rs 19 crore) in seed funding. The round is jointly spearheaded by AdvantEdge Founders and Micelio Technology Fund, with participation from a group of angel investors.
Founded in August 2023, the startup will use these fresh funds to propel innovation and strengthen its capabilities in vehicle engineering, software, and battery technology. The Bengaluru-based Moonrider was jointly set up by Anoop Srikantaswamy and Ravi Kulkarni. Both founders bring a solid background in vehicle engineering and electric vehicle R&D, with past experience spanning companies such as Volvo, Ola Electric, and Olectra BYD.
Moonrider Raises Fresh Funds
Moonrider offers a wide range of heavy-duty electric tractors designed to reduce operational costs for farmers and fleet operators. This could be a potential game-changer in the agri-tech sector, as the company claims to have matched the pricing of its electric tractors with that of diesel models.
The company has also created its own proprietary battery technology, for which it has filed a patent. Not only that, but Moonrider, with the aim to enhance farm profitability and productivity, is putting in all efforts to promote sustainable farming practices. This becomes even more intriguing as the Indian government is also encouraging electric adoption in the agriculture sector in its own way. Last year, in January, the government allocated $3,183 million for Phase III of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) Scheme, with around $24 million earmarked to support electric tractors.
Meanwhile, commenting on the latest fundraising, Anoop Srikantaswamy (Co-founder and CEO of Moonrider) said, ‘Our electric tractors are designed to meet diverse farming needs, offering superior performance, boosting farmer income, and promoting climate-friendly farm mechanization. In recent months, we have formed strong partnerships with leading agri-players and fleet operators, both in India and internationally. By leveraging our collective expertise, we aim to develop world-class solutions that enhance productivity.’
