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AutoNxt Automation is India’s first start-up for electric tractor manufacturing. It has received seed funding of Rs 6.4 Crore from HNI angel investor, Swadeep Pillarisetti, who is also a member of the board at AutoNxt Automation.
The funding round was led and managed by Keiretsu Forum and Virya Mobility 5.0. There were also a few marquee angels such as Chand Das, previous CEO for ITC, Ayad Khalil Chamas, an oil and natural gas professional who is now an EV international investor, Ravichandran Sargunaraj, former Executive-Director, Suveer Sinha, India head for KKR Capstone, CFO for IDO at Govt of Ras Al Khaimah, Ravichandran Sargunaraj, former Executive-Director, TVS Logistics Services, among others.
The start-up used the funding for R&D, tooling, and testing of India’s first electric tractor for three years. They also introduced three different e-tractor models and are now preparing to launch the 35HP, 20HP, and 45HP versions of the e-tractor in the Indian market during the current financial year. It plans to launch its pre-series A financing round of Rs 27 crore.
AutoNxt built its entire supply chain from scratch. It also built the production-ready, high torque electric motor. It claims that it is the only company in the world with high-voltage systems. It has also accumulated industry experts to its staff over the years. According to the start-up, it is also actively developing an automation stack powered by AI and 5G technology that they are testing on different used cases of tractor tractors. Their autonomous driving capabilities will be available by 2024, according to the company. This will increase the advantages of electric tractors as well as reduce the hardships farmers face while operating a tractor in harsh conditions.
It is available with the production-ready moulds for powertrain integration parts as well as the hood. The dashboard and hood have different styles and tooling. AutoNxt Automation created a smart VCU to analyze their tractor’s performance, and health, and allow them to lease tractors. The company also has a mobile app.
According to the Mumbai-based start-up, electric tractors are more cost-efficient than traditional tractors and can reduce running costs by over fourfold. The tractor’s autonomy, as well as the quiet operation of the electric engine (as opposed to traditional diesel tractors), means that there are no health risks such as hearing loss or spinal injuries.
AutoNxt Automation’s founder and CEO Kaustubh Daonde stated, “With the next round of financing, we will concentrate on our electric tractor production readiness as well their market introduction before the end of this calendar year. We hope to transform the market for agricultural tractors by implementing a new lease model and distribution model for AutoNxt’s electric-self-driving tractor. The cost-saving technology is four times cheaper than standard tractors. We are determined to reduce carbon emissions in India and globally because of our company’s leadership position in the electric vehicle market.