Moonrider Secures $2.2 Mn To Transform Farm Mechanisation With Electric Tractors

Moonrider, an electric tractor technology company, has raised USD 2.2 million (Rs 19 crore) in its seed funding round, co-led by AdvantEdge Founders and Micelio Technology Fund, alongside several angel investors.

Founded in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, who bring experience in vehicle engineering and electric vehicle research and development from companies like Volvo Group, Ola Electric, and Olectra BYD, Moonrider is developing a range of heavy-duty electric tractors designed to reduce operational costs for farmers and fleet operators, as per the press release. The company's expertise in supply chain management and engineering has enabled it to achieve price parity with traditional diesel-powered tractors. Additionally, Moonrider has developed its battery technology, for which it has filed a patent.

The funds raised will be used to strengthen the company's capabilities in vehicle engineering, software development, and battery technology to support the scaling of their electric tractors. The company said that its products recently attracted significant attention at an agricultural event in Hyderabad, drawing interest from farmer-producer organisations (FPOs), individual farmers, and other stakeholders in the agriculture sector.

Anoop Srikantaswamy, Co-founder and CEO of Moonrider commented, “Our mission is to enhance farm profitability by empowering farmers to earn more, save more, and produce more. Our electric tractors are designed to meet diverse farming needs, offering superior performance while promoting sustainable farm mechanisation.” He added that the company has already secured strategic partnerships with agri-players and fleet operators in India and abroad.

Kunal Khattar from AdvantEdge Founders noted, “Electric tractors are a logical next step in the transition from internal combustion engines to electric vehicles. They are significantly cheaper to own and maintain, making them a viable alternative for farmers.”

Shreyas Shibulal, founder of Micelio Fund, stated, “Moonrider is at the right intersection of technology and business evolution for electric tractors. We are excited to back their innovative approach to clean mobility and sustainable agriculture.”

With its innovative solutions, Moonrider aims to drive efficiency and sustainability in Indian agriculture while contributing to global trends in electric mobility.