Highlights
Investment in Electric Tractor Innovation
The electric tractor technology firm, Moonrider, has successfully secured a seed funding round of $2.2 million (Rs 19 crore). This funding round was co-led by AdvantEdge Founders and Micelio Technology Fund, alongside a group of angel investors.
According to a press release from Moonrider, the investment will be allocated towards:
- Encouraging innovation
- Enhancing capabilities in vehicle engineering
- Advancing vehicle software
- Improving battery technology
Company Background
Founded in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, Moonrider draws on the extensive experience of its founders in vehicle engineering and electric vehicle research and development from notable companies such as the Volvo Group, Ola Electric, and Olectra BYD.
Product Offerings
This Bengaluru-based startup provides a wide selection of heavy-duty electric tractors designed to:
- Minimise operational costs for farmers
- Support fleet operators in reducing expenses
Moonrider asserts that its robust supply chain and engineering expertise have enabled these tractors to achieve cost parity with traditional diesel alternatives.
Commitment to Sustainable Farming
Prioritising reliability and lowering the upfront cost of ownership, Moonrider’s electric tractors are aimed at promoting sustainable farming practices. The company’s mission is to:
- Enhance farm profitability
- Boost productivity
Additionally, Moonrider has developed proprietary battery technology, for which a patent application has already been submitted.