Electric tractor maker Moonrider raises $2.2M seed funding
The company plans to use the funds to boost innovation and capabilities in vehicle engineering, vehicle software, and battery technology.
Electric tractor company Moonrider has raised $2.2 million in a seed round led by AdvantEdge Founders and Micelio Technology Fund, along with a host of angel investors.
The company plans to use the funds to boost innovation and capabilities in vehicle engineering, vehicle software, and battery technology.
"AdvantEdge’s fund thesis centres around accelerating the transition from the internal combustion engine to electric vehicles, and we see electric tractors as the next category since they are 50% cheaper to own and maintain," said Kunal Khattar, from AdvantEdge Founders, a mobility technology fund.
Founded in August 2023, Moonrider offers a variety of heavy-duty electric tractors that strive to significantly reduce operational costs for farmers and fleet operators. It claims it has enabled its tractors to achieve price parity with diesel alternatives. It has developed an in-house battery technology for which a patent has been filed.
"Our electric tractors are designed to cater to diverse farming needs, delivering superior performance, boosting farmer income, and promoting climate-friendly farm mechanization. In recent months, we have forged strong partnerships with leading agri-players and fleet operators both in India and internationally," said Anoop Srikantaswamy, Co-founder and CEO of Moonrider, in a statement.
"By leveraging our collective expertise, we aim to develop world-class solutions that elevate productivity," he added.