Moonrider, an electric tractor technology company based in Bangalore, has successfully raised $2.2M (Rs. 19 crores) in a seed round co-led by AdvantEdge Founders and Micelio Technology Fund, along with a group of angel investors. Founded in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, Moonrider draws on their deep expertise in vehicle engineering and electric vehicle R&D from industry leaders such as Volvo Group, Ola Electric, and Olectra BYD.
Moonrider offers a comprehensive range of heavy-duty electric tractors that significantly reduce operational costs for farmers and fleet operators. The Moonrider team’s strong supply chain and engineering expertise has enabled their tractors to achieve price parity with diesel alternatives. The company has also developed an innovative in-house battery technology for which a patent has already been filed.
The funds raised will be directed towards fostering innovation and building strong capabilities in vehicle engineering, vehicle software and battery technology.
The company’s electric tractor recently captured significant attention at an agricultural event in Hyderabad, drawing interest from farmer producer organizations (FPOs), individual farm owners, and various stakeholders within the agricultural ecosystem across the country.
Commenting on the funding Anoop Srikantaswamy, co-founder and CEO of Moonrider, stated, ‘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.’
‘AdvantEdge’s fund thesis centers 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 percent cheaper to own and maintain,’ said Kunal Khattar, from AdvantEdge Founders, India’s leading mobility technology fund. ‘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, Micelio Fund stated, ‘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.’
