AutoNxt Automation, a company in Mumbai that makes electric tractors, just got a big boost. They raised $3 million (about ₹24 crore) in a funding round before they officially started selling their product. Saama Capital led the investment, with others like Amit Singhal (who used to work at Google), Suveer Sinha (from KKR Capstone in India), Bluehill Capital, Keiretsu Forum, and Soonicorn Ventures also chipping in. The CEO, Kaustubh Dhonde, said they’ll use the money to speed up their work on the tractors and make them reliable for customers worldwide.
AutoNxt Automation Secures Funding
AutoNxt Automation, a Mumbai-based startup, has secured $3 million (about ₹24 crore) in Pre-Series A funding led by Saama Capital. Other investors include notable names like Amit Singhal, Suveer Sinha, Bluehill Capital, Keiretsu Forum, and Soonicorn Ventures. The company plans to utilize the funds to accelerate its engineering efforts and establish itself as a reliable global mobility platform.
AutoNxt is set to launch India’s first electric tractor with self-driving options later this year, targeting commercial sectors such as biomass plants, airports, construction, agriculture, and solar farms. The startup, founded in 2016 by Kaustubh Dhonde, aims to capitalize on the growing demand for electric vehicles and automation technology in India.
AutoNxt’s Cost-Effective and IoT Enabled Electric Tractors
AutoNxt claims that its electric tractors have significantly lower operating costs than diesel tractors, making it possible for owners to break even in less than two years. Additionally, it offers a mobile app equipped with IoT technology designed to optimize tractor performance and allow easy fleet monitoring and servicing.
Pankaj Goyal, AutoNxt’s co-founder and chief operating officer, mentioned that the electric tractor is just the beginning. They plan to use their core technology in other off-highway segments, expanding their product range and creating new business opportunities.
AutoNxt Automation Funding and Competition
AutoNxt Automation has raised a total of $4 million so far. In three rounds, they secured $1 million in funding, with their last round being a seed funding round in 2022. The company faces competition from self-drive vehicle companies like Ztractor, Qianchen Automobile, NIO, and others.
According to research firm Statista, tractor sales in India surpassed 945.3 thousand units in the financial year 2023, marking a growth of over 12.2% from the previous year. Mahindra & Mahindra led the market with a share of around 41%.
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