Moonrider raises $2.2 Mn In Seed Funding Round

Moonrider, an electric tractor technology company, has raised $2.2 million (Rs. 19 crore) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund, along with several angel investors.

The company plans to use the funds to drive innovation and strengthen its capabilities in vehicle engineering, vehicle software, and battery technology.

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Anoop Srikantaswamy, co-founder and CEO of Moonrider, said, ‘Our mission is to enhance farm profitability by empowering farmers to earn more, save more and produce more. Our electric 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. By leveraging our collective expertise, we aim to develop world-class solutions that elevate productivity. We are proudly Made in India, for the world.’'

Kunal Khattar, from AdvantEdge Founders, said, "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 fifty per cent cheaper to own and maintain. Moonrider is building smart, electric tractors aimed at providing farmers with an innovative, digital-first eco-friendly solution to enhance productivity and income levels.’'

Shreyas Shibulal, founder of Micelio Fund, said, "We are very excited about our partnership with Anoop, Ravi and the entire Moonrider team. We believe we are at the right intersection point for electric tractors given the technology and business model evolutions. At Micelio Fund, we aim to back disruptive and sustainable innovations that push the envelope of clean mobility and Moonrider feels right at home."

The company’s electric tractor recently gained attention at an agricultural event in Hyderabad, attracting interest from farmer-producer organizations (FPOs), individual farm owners and other stakeholders in the agricultural sector across the country.

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About Moonrider 

Based in Bangalore and founded in August 2023, Moonrider offers heavy-duty electric tractors designed to significantly lower operational costs for farmers and fleet operators. 

The company claims its tractors are priced similarly to diesel alternatives. It has also developed in-house battery technology and filed for a patent.

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