Electric tractor company Moonrider has successfully raised $2.2 million in a seed funding round led by AdvantEdge Founders and Micelio Technology Fund, with additional backing from various angel investors. The startup plans to utilize the funds to enhance its innovation and capabilities in vehicle engineering, software, and battery technology.
Kunal Khattar from AdvantEdge Founders, a mobility technology fund, emphasized the importance of transitioning from internal combustion engines to electric vehicles. “Electric tractors are the next frontier as they are 50% cheaper to own and maintain compared to diesel alternatives,” Khattar stated.
Founded in August 2023, Moonrider aims to offer a variety of heavy-duty electric tractors designed to reduce operational costs for farmers and fleet operators. The company claims its electric tractors have achieved price parity with diesel-powered options, addressing a significant gap in the agricultural sector. Moonrider has also developed proprietary in-house battery technology for which a patent is currently pending.
Anoop Srikantaswamy, Co-founder and CEO of Moonrider, shared the company’s vision, saying, “Our electric tractors cater to diverse farming needs, providing superior performance, increasing farmer income, and supporting climate-friendly farm mechanization.” He further added that the company has built strong partnerships with leading agricultural players and fleet operators both within India and globally.
By leveraging its expertise, Moonrider seeks to develop world-class solutions that will drive productivity in the agricultural sector while promoting sustainable farming practices.
