Electric Tractor Startup AutoNxt Automation Raises $3 Mn

Autonxt is a company focused on leveraging technology to revolutionize farming. They have a team of engineers and leaders driving the initiative, including the CEO, co-founder & COO, specialists in power electronics, automation, mechanical engineering, business development, testing and validation, and a plant manager. The company values open communication and encourages all team members to share their ideas and opinions. Their engineering process involves defining requirements, designing, developing, testing, refining, and manufacturing electric self-driving tractors. They also have advisors who provide technical and production expertise.

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AutoNxt Automation, a startup based in Mumbai that focuses on electric tractors, has secured $3 million (approximately INR 24 crore) in funding before its Series A round, with Saama Capital leading the investment charge.

Among the notable contributors to this round are Amit Singhal, former head of Google’s search division, Suveer Sinha, who heads KKR Capstone in India, as well as Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and others who joined in.

Kaustubh Dhonde, the founder and CEO of AutoNxt, expressed excitement about the investment, emphasizing that these funds will be instrumental in propelling the company’s engineering endeavors forward. The ultimate goal is to establish AutoNxt as a reliable and globally accessible mobility platform.

AutoNxt is gearing up to introduce India’s pioneering electric tractor equipped with self-driving capabilities, tailored for commercial applications across diverse sectors like biomass plants, airports, construction, agriculture, and solar farms later this year, as per the company’s official statement.

“We’re truly excited to support AutoNxt, driven by our firm belief in Industry 5.0 as a cornerstone of India’s economic advancement. The company’s homegrown technology platform specifically crafted for the Indian market, coupled with the founding team’s dedicated focus on the commercial sector in this phase of their journey, further solidifies our confidence,” shared Hemant Asher, a partner at Saama.

Established in 2016 by Kaustubh Dhonde, AutoNxt Automation stands as an automation technology startup passionately working towards unveiling India’s maiden electric, self-driving tractor to the market.

AutoNxt proudly states that its electric tractors boast operational expenses just a fifth of those of diesel counterparts, empowering owners to recoup their investment in less than two years.

Furthermore, they provide a user-friendly mobile app equipped with IoT features tailored to enhance tractor performance and ensure effortless fleet supervision and maintenance.

According to Pankaj Goyal, AutoNxt’s co-founder and COO, “Our electric tractor marks the debut of our core technology. With these successful ventures, we’re looking to broaden our horizons into various off-highway sectors, diversifying AutoNxt’s product range and exploring new avenues of business.”

AutoNxt Automation has successfully raised a total of $4 million (approximately 33 Crores INR) in funding thus far. This funding was obtained through three rounds, with the most recent being a seed funding round in 2022. AutoNxt Automation faces competition from self-driving vehicle companies such as Ztractor, Qianchen Automobile, NIO, and others.

According to research firm Statista, tractor sales in India surpassed 945.3 thousand units in the fiscal year 2023, marking a growth of over 12.2% compared to the previous year. Mahindra & Mahindra emerged as the top player in the tractor market, commanding approximately 41% of the market share.

AutoNxt Automation, a Mumbai-based startup specializing in electric tractors, secured $3 million in funding pre-Series A, led by Saama Capital. The company aims to create a reliable, globally accessible mobility platform with its pioneering electric tractor featuring self-driving capabilities across diverse commercial sectors. With a focus on Industry 5.0, AutoNxt’s user-friendly IoT mobile app enhances tractor performance, driving operational efficiency. The company plans to diversify its product range and explore new business avenues following a successful fundraising journey. Despite competition, AutoNxt’s innovative approach and cost-efficient electric tractors position it well in India’s evolving tractor market dominated by Mahindra & Mahindra.