startup funding news electric tractor maker moonrider raises $2.2 million from advantedge micelio fund for startup ecosystem in india make in india electric vehicles
Electric tractor startup Moonrider raises $2.2 million led by AdvantEdge founders, Micelio Fund.
Moonrider, a Bengaluru-based electric tractor technology startup, has raised $2.2 million in seed funding, the company said in a statement today, January 7. The new round was co-led by AdvantEdge Founders and Micelio Fund.
In the latest round, a number of angel investors also participated.
Founded in 2023 by Anoop Srikantaswamy and Ravi Kulkarni, Moonrider develops heavy-duty electric tractors with indoor battery technology, achieving price parity with diesel alternatives.
The startup plans to use the funding to develop vehicle engineering, software, and battery technology to further the use of climate-friendly, cost-effective farm machinery.
“The thesis of the AdvantEdge fund is to accelerate the transition from the internal combustion engine to electric vehicles and we see electric tractors as the next sector as they are 50 percent cheaper to own and maintain,” said Kunal Khattar, AdvantEdge Founders, a leading technology company in India. . a bag.
Shreyas Shibulal, founder of Micelio Fund said, “We believe we are at the right intersection of electric tractors in terms of technology and business model. At Micelio Fund, we aim to bring back disruptive and sustainable innovations that push the envelope of clean and pure mobility. Moonrider feels right at home.”
Moonrider offers a wide range of heavy-duty electric tractors that significantly reduce operating costs for farmers and fleet operators. The company says the strong expertise of its supply chain and engineering team has enabled its tractors to achieve price parity with diesel alternatives. The company has also developed a new internal battery technology for which a patent has been filed.
Commenting on the funding Anoop Srikantaswamy, founder and CEO of Moonrider, said, “Our mission is to improve farmers’ profitability by empowering farmers to earn more, save more, and produce more. Our electric tractors are designed to cater to a variety of farming needs. , to deliver performance well, increasing farmers’ income, and encouraging the use of climate-friendly machinery In recent months, we have built strong relationships with leading agricultural players and ship operators in India and abroad Using our combined expertise, we aim to develop world-class solutions that elevate productivity Proudly made in India, to the world.
