[Funding alert] Hyderabad-based Cellestial E-Mobility raises funds to launch electric tractors
Hyderabad-based startup Cellestial E-Mobility, on Tuesday, said that it has raised $200,000 in its first round of investment from angel investor Meka Sudhakar Reddy, who is based out of Singapore and has over 18-years of expertise in the logistics space.
According to the company's sources, the funds came through in the first week of June.
Founded this May, the startup claims it is in advance stage of developing electric tractors. It also claims that its tractors will have the longest battery life in the market.
Founder and Promoter of Cellestial E-Mobility, Siddhartha Duirairajan, said, "We are readying to roll out the first prototype in the next one month.”
He also mentioned that the vehicle is a zero-emission ecological tractor, suitable for horticultural or greenhouse work, or for moving good within factories and haul luggage in airports. According to a press release, the company has the capacity to build 100 e-mobility heavy vehicles and can build more as the demand increases.
Team Cellestial also includes Syed Mubasheer Ali, who has 16-years of expertise in battery manufacturing; Vinod Moudgil, an expert in Tractor Manufacturing; and Midhun Kumar, who has over 15 years of casting, machining, and fabrication expertise.
During this year's Budget, the Cabinet addressed the emobility targets for a greener India, which emphasised on the sale of only electric vehicles by the year 2030. This would go a long way in addressing India’s clean fuel ideology and reduce high pollution levels.
Earlier this week, EV startup SmartE has raised Rs 100 crore as a part of its Series B round of funding from Japanese conglomerate Mitsui & Co. With this recently raised funds, the company is looking to rapidly increase its fleet size within Delhi-NCR as well as other key cities around the country. It will also use the funds to significantly ramp up its charging infrastructure network to offer both plug-in vehicle charging as well as battery swapping solutions.
(Edited by Saheli Sen Gupta)