Autocracy Machinery Secures $1.2M Seed Funding Led by Venture Catalysts
- ByStartupStory | September 25, 2023
Autocracy Machinery Private Limited, an ISO 9001-certified manufacturer of trenching, turf, and construction machinery, has successfully secured $1.2 million in seed funding. This funding round was led by Venture Catalysts, with participation from notable investors including Nikhil & Bharat Jaisinghani (Executive Directors, Polycab India Limited), Meghna Agarwal (CEO, IndiQube), Abhishek Rungta (Partner, Seeders), Srikanth Iyengar (CEO, Workforce Development, upGrad), Abhishek Modi (Managing Partner Shiva Engg, VP-South Asia chapter, Stanford Seed Network), and HEM Angels, VC Grid, and S Four Capital.
Founded in 2020 by IITian Santhoshi Buddhiraju and serial entrepreneur Laxman Vallakati, Autocracy specializes in cutting-edge machinery solutions for sectors such as agriculture, telecommunications, landscaping, irrigation, civil engineering, and infrastructure development. Their machinery is three times more efficient and reasonably priced to ensure accessibility for both farmers and contractors, harnessing technology for increased efficiency.
Presently, India heavily relies on imported heavy-duty machinery that is not optimized for local use, resulting in cost escalation and downtime due to fractured consumables supply chains and maintenance delays.
The newly secured funding will facilitate Autocracy’s expansion into domestic and global markets, investments in research and development, and the construction of a state-of-the-art industrial unit to streamline production. The company has witnessed a three-fold increase in revenue over the past years and aims to achieve revenues of Rs 60 crore by fiscal year 2025.
Autocracy’s mission is to contribute to India’s “Make in India” and “Make for the World” initiatives by redefining heavy-duty precision engineering with efficient, locally designed, cost-effective machinery. Their product line includes trenchers, lawn mowers, and versatile host-vehicle agnostic attachments.
In the past 18 months, Autocracy has served a diverse clientele, from industrial giants like Sterlite and L&T to individual farmers and contractors. They have also expanded into international markets, exporting products to the Middle East and Africa.
Dr. Apoorva Ranjan Sharma, Co-founder at Venture Catalysts, emphasized the rapid growth of the construction equipment industry, projected to reach $160 billion by 2027. He noted that India is committed to reducing its reliance on expensive imported equipment, making investments in Autocracy a strategic move in line with the “Make in India” initiative.
With a team of 100 engineers, researchers, and workers, Autocracy is actively contributing to ambitious projects in India, including fiber optic and water pipeline projects.
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