Moonrider Secures $2.2M Seed Funding Co-Led by AdvantEdge and Micelio

The money generated will be used to support research and develop robust skills in battery technology, vehicle software, and vehicle engineering.

Key Highlights 

• The funds will focus on advancing research and building robust capabilities in battery technology, vehicle software, and engineering.
• Moonrider's electric tractors received strong interest at a recent agricultural expo in Hyderabad, drawing attention from individual farmers, FPOs, and other agricultural stakeholders.

The Bangalore-based electric tractor technology company Moonrider has raised US$2.2M (Rs. 19 crores) in a seed round led by AdvantEdge Founders and Micelio Technology Fund, together with a number of angel investors. Anoop Srikantaswamy and Ravi Kulkarni created Moonrider in August 2023, drawing on their vast experience in vehicle engineering and electric vehicle research and development from the Volvo Group, Ola Electric, and Olectra BYD. A wide variety of heavy-duty electric tractors from Moonrider drastically lower operating expenses for fleet managers and farmers.

The money generated will be used to support research and develop robust skills in battery technology, vehicle software, and vehicle engineering. At a recent agricultural show in Hyderabad, the company's electric tractor attracted a lot of interest from individual farm owners, farmer producer organisations (FPOs), and other stakeholders in the nation's agricultural ecosystem.

Remarking on the funding "Our goal is to increase farm profitability by enabling farmers to earn more, save more, and produce more," said Anoop Srikantaswamy, co-founder and CEO of Moonrider. Our electric tractors are made to meet a variety of farming requirements while providing exceptional performance, increasing farmer income, and encouraging climate-friendly farm automation. We have established solid alliances with top fleet operators and agribusiness businesses in India and abroad in recent months. Our goal is to create world-class solutions that increase productivity by utilising our combined skills. For the world, we are proudly Made in India.

Founders Perspective 

According to Kunal Khattar of AdvantEdge Founders, India's top mobility technology fund, "AdvantEdge's fund thesis centres around accelerating the transition from internal combustion engines to electric vehicles and we see electric tractors as the next category since they are fifty percent cheaper to own and maintain."

"We are extremely thrilled about our collaboration with Anoop, Ravi, and the whole Moonrider team," said Shreyas Shibulal, founder of Micelio Fund. Given the advancements in business models and technology, we think we are at the ideal juncture for electric tractors. Moonrider feels quite welcome at Micelio Fund, which supports sustainable and disruptive ideas that advance clean mobility.

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