AutoNxt Automation bags Rs 6.4 crore in seed funding

AutoNxt Automation, one of India’s first electric tractor start-ups, has secured Rs 6.4 crore in seed round of funding from HNI under the leadership of Swadeep Pillarisetti, who is also a board member of AutoNxt Automation.

Keiretsu Forum, Virya Mobility 5.0, and a few marquee angels led the funding round, including Ayad Khalil Chammas, an oil and gas professional who is now an international investor in the EV space; Chand Das, former CEO for ITC; Nitin Johar, CFO for IDO at the Government of Ras Al Khaimah; Suveer Sinha, India head for KKR Capstone; Ravichandran Sargunaraj, former Executive.

According to the company, the investment would be utilized for three years to fund the R&D, tooling, and testing of India’s first electric tractor. In addition, they introduced three different e-tractor variations and are preparing to offer 20HP, 35HP, and 45HP e-tractor variants in the market during the current fiscal year. It is now attempting to raise Rs 27 crore ($3.5 million) in a pre-series A fundraising round.

AutoNxt designed its whole supply chain and manufacturing system from the ground up. It has also developed a production-ready high torque electric powertrain. According to the company, it is the only one on the market with high voltage systems. Throughout the years, it has grown its staff with experienced industry specialists. According to the company, it has also been actively working on an automation stack driven by AI and 5G technology, which it is testing on several tractor use cases. The business intends to debut its self-driving features by 2024. This would increase the benefits of electric tractors and lessen the difficulties that farmers have when driving a tractor in the field under extreme weather.

It is ready with production-ready molds for powertrain integration elements and the hood. Their hood and dashboard are distinct in terms of design and tooling. AutoNxt Automation has developed a smart VCU for their tractors that provides a comprehensive smart analysis of the tractor’s performance, health, and ability to lease tractors. It has also created a smartphone application for the same purpose.

“With this next round of funding, we will focus on our electric tractors’ production readiness as well as their market introduction by the end of this year. Through the implementation of a new lease and distribution model for the AutoNxt electric – self-driving tractor, we hope to change and redefine the agricultural tractor market. When compared to the standard tractors already on the market, the cost-saving technology reduces operational costs by up to four times. Due to our company’s efforts to lead the electric vehicle market, we want to significantly cut carbon emissions not only in India but also globally, said Kastubh Dhonde, Founder & CEO, AutoNxt Automation.

About AutoNxt Automation
AutoNxt Automation Pvt Ltd is an automation technology startup that is now working to bring India’s first electric, self-driving tractor to market. The Mumbai-based startup was founded in 2016 by Kaustubh Donde. By proposing a new lease and distribution strategy for the Hulk, They now hope to change and rethink the agricultural tractor market.

AutoNxt Automation Pvt. Ltd. seems to be a fascinating startup with a motivating turn of events on motor vehicle manufacturing platform. My best wishes to the entire team. This will give them a huge accomplishment in the future.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.