Electric Tractor Maker Moonrider Raises $2.2M in Seed Funding
- ByStartupStory | January 8, 2025
Moonrider, an electric tractor manufacturer, has successfully raised $2.2 million in a seed funding round led by AdvantEdge Founders and Micelio Technology Fund, with participation from several angel investors. The funding will be utilized to drive innovation and enhance 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 range of heavy-duty electric tractors aimed at reducing operational costs for farmers and fleet operators. The company has claimed to have achieved price parity between its electric tractors and their diesel counterparts. Additionally, Moonrider has developed a proprietary in-house battery technology, for which it has filed a patent.
“Ourelectric 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.
With its innovative approach and focus on sustainability, Moonrider is positioning itself as a key player in the agricultural machinery sector. By integrating advanced engineering and eco-friendly technology, the company aims to revolutionize the farming industry while contributing to environmental sustainability.
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