AutoNxt Automation, India’s First electric tractor venture secured funding of INR 6.4 Crores in angel investment from HNI in their seed round of funding under the leadership of Mr. Swadeep Pillarisetti who is also one of the board members at AutoNxt Automation.
The funding round was led by Keiretsu Forum, Virya Mobility 5.0 and a few marquee angels like Mr. Ayad Khalil Chammas, an experienced oil and gas professional now an international investor in the EV space, Mr. Chand Das, ex CEO for ITC, Mr. Nitin Johar, CFO for IDO at Govt of Ras Al Khaimah, Mr. Suveer Sinha, India head for KKR Capstone, Mr. Ravichandran Sargunaraj, ex-Executive Director at TVS Logistics Services Ltd and others. The company used this funding very efficiently in R&D, tooling and testing of India’s First electric tractor for 3 years. In addition to that they also introduced 3 different variants of the Electric Tractor, and AutoNxt Automation is set to launch the 20HP, 35HP and 45HP variants of electric tractors in the market in the current financial year. It is now looking to start its pre series A funding round for INR 27 Crores ($3.5 M).
From its inception, AutoNxt Automation has achieved many milestones like building three different tractor variants. The company has also built its entire supply chain and assembly setup from ground up. Simultaneously, the company has built the production-ready high torque Electric Powertrain. The company is the only one in the market with high voltage systems. During all these years, the company has bolstered its team with experienced industry professionals. The company has also been actively working on their automation stack powered with AI and 5G technology which they are testing on various used cases of tractors. The company plans to release their autonomous driving features by 2024. This will add to the benefits of Electric tractors and reduce the hardships that farmers go through while driving a tractor on the field in extreme conditions.
