AutoNxt Automation to commercially launch into the market armed with just an INR 6.4 Crores seed round
AutoNxt Automation (https://autonxt.in), India’s First electric tractor venture secured funding of INR 6.4 Crores in angel investment from HNI in their seed round of funding under the leadership of Mr. Swadeep Pillarisetti who is also one of the board members at AutoNxt Automation.
The funding round was led by Keiretsu Forum, Virya Mobility 5.0 and a few marquee angels like Mr. Ayad Khalil Chammas, an experienced oil and gas professional now an international investor in the EV space, Mr. Chand Das, ex CEO for ITC, Mr. Nitin Johar, CFO for IDO at Govt of Ras Al Khaimah, Mr. Suveer Sinha, India head for KKR Capstone, Mr. Ravichandran Sargunaraj, ex-Executive Director at TVS Logistics Services Ltd and others. The company used this funding very efficiently in R&D, tooling and testing of India’s First electric tractor for 3 years. In addition to that they also introduced 3 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. It is now looking to start its pre series A funding round for INR 27 Crores ($3.5 M).
From its inception, AutoNxt Automation has achieved many milestones like building three different tractor variants. The company has also built its entire supply chain and assembly setup from ground up. Simultaneously, the company has built the production-ready high torque Electric Powertrain. The company is the only one in the market with high voltage systems. During all these years, the company has bolstered its team with experienced industry professionals. The company has also been actively working on their automation stack powered with AI and 5G technology which they are testing on various used cases of tractors. The company plans to release their autonomous driving features by 2024. This will add to the benefits of Electric tractors and reduce the hardships that farmers go through while driving a tractor on the field in extreme conditions.
For the powertrain integration parts and the hood, the manufacturer is ready with the production ready moulds. Their hood and dashboard have distinctive styles and tooling. For their tractors, AutoNxt Automation has created a smart VCU which gives a complete smart analysis of the tractor performance, health and the possibility to give tractors on lease, they have also developed a mobile application for the same. The company has successfully developed a new range of electric tricycles through custom design, development, and mass production.
When compared to the traditional tractors now available on the market, the cost-saving technology utilised in electric tractors allows for over 4-fold reduction in running costs. Due to the tractor’s autonomy and the electric engine’s quiet operation (compared to conventional diesel tractors), health hazards including hearing loss and spinal injuries are avoided.
“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. 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” said Kaustubh Dhonde, Founder & CEO of AutoNxt Automation.