E-Tractor Maker AutoNxt Automation Secures Fresh Funding

India’s first electric tractor venture AutoNxt Automation has announced that it has secured a funding of Rs 6.4 Crore in angel investment from HNI in their seed round of funding under the leadership of board member Swadeep Pillarisetti.

AutoNxt Automation held that the funding round was led by Keiretsu Forum, Virya Mobility 5.0 and a few marquee angels like Ayad Khalil Chammas, an international investor in the EV space, Chand Das, ex CEO for ITC, Nitin Johar, CFO for IDO at Government of Ras Al Khaimah, Suveer Sinha, India Head for KKR Capstone, Ravichandran Sargunaraj, ex-ED at TVS Logistics Services and others.

AutoNxt Automation said that it used this funding in R&D, tooling and testing of India’s first electric tractor for three years. In addition, they have also introduced three different variants of the electric tractor, and AutoNxt Automation is set to launch the 20HP, 35HP and 45HP variants of electric tractors in the market in the current financial year.

The official statement reads that AutoNxt is now looking to start its pre series A funding round for Rs 27 Crores.

Kaustubh Dhonde, Founder & CEO of AutoNxt Automation, said, “With this next round of funding, we will focus on our electric tractors’ production readiness as well as their market introduction by the end of this year. Through the implementation of a new lease and distribution model for the AutoNxt electric – self-driving Tractor, we hope to change and redefine the agricultural tractor market.”

Dhonde added, “When compared to the standard tractors already on the market, the cost-saving technology reduces operational costs by up to four times. Due to our company’s efforts to lead the electric vehicle market, we want to significantly cut carbon emissions not only in India but also globally.”

Innovation at AutoNxt

AutoNxt Automation claims to have achieved many milestones since its inception in 2016. The company has built three different tractor variants, its entire supply chain and assembly setup and also high torque electric powertrain. It claims to be the only player offering high voltage systems.

AutoNxt Automation has also been actively working on its automation stack powered with AI and 5G technology which it is testing on various used cases of tractors. The E-tractor maker plans to release its autonomous driving features by 2024. The company has added that its cost-saving technologies utilised in electric tractors allows for over fourfold reduction in running costs when compared to the traditional tractors.