AutoNxt Automation Secures $3 Million Pre-Series A Funding Led by Saama

• ByStartupStory     |    April 9, 2024

AutoNxt Automation, a Mumbai-headquartered start-up specializing in electric powertrain and off-road autonomous technology, has successfully closed a Pre-Series A funding round raising approximately $3 million (Rs 25 crore). The investment was spearheaded by Saama, a prominent venture capital firm.

In addition to Saama, notable investors participating in this round include Amit Singhal, former head of Google’s search division, Suveer Sinha, India Head for KKR Capstone, Bluehill Capital, Keiretsu Forum, and Soonicorn Ventures.

The infusion of capital marks a significant milestone for AutoNxt Automation, propelling the company towards the launch of India’s first electric tractor equipped with self-driving capabilities. Designed for commercial use across various sectors such as biomass plants, airports, construction, agriculture, and solar farms, the electric tractor is slated for release later this year.

India, recognized as the world’s largest tractor market by volume, witnessed nearly half of the 2 million tractors sold globally in 2023, with a substantial portion serving domestic demand. AutoNxt Automation aims to tap into this market by focusing on commercial applications, which represent one-third of the tractors utilized in India.

Hemant Asher, Partner at Saama, expressed enthusiasm regarding the investment, stating, “We’re thrilled to back AutoNxt, where our conviction is underpinned by our belief in Industry 5.0 as a core driver of India’s economic growth. The company’s technology platform built in India for the Indian market and the founding team’s sharp focus on the commercial segment further strengthens our conviction.”

AutoNxt Automation has distinguished itself through technological innovations, including high-torque, high-voltage electric powertrains, self-driving technology featuring a swappable modular battery system, and ultra-fast 2-hour charging capabilities. The company also offers a versatile mobile app with IoT technology aimed at optimizing tractor performance and facilitating fleet monitoring and serviceability.

Kaustubh Dhonde, Founder and CEO of AutoNxt Automation, remarked, “The latest funding from Saama and all our investors enables us to fast-track engineering efforts and promptly establish our brand as a dependable, global, cutting-edge mobility platform, with ‘India for India’ as our guiding mantra.”

Pankaj Goyal, Co-founder and COO of AutoNxt, highlighted the company’s expansion plans, stating, “The electric tractor is the first use case for our core technology, and after these successful deployments, we will diversify into other off-highway segments, allowing AutoNxt to expand its product portfolio and open up new lines of business.”

Swadeep Pillarisetti, Senior Advisor and Board Member at AutoNxt, expressed optimism about India’s potential to emerge as a global leader in electric vehicles, citing the nation’s growing environmental concerns, recent government initiatives promoting deep-tech investments, and burgeoning manufacturing capabilities and engineering talent pool.

With lower operating costs compared to diesel tractors and a focus on sustainability, AutoNxt Automation is poised to revolutionize the commercial vehicle landscape in India and beyond.

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