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AutoNxt Automation secures pre-series A funding for electric autonomous tractor

AutoNxt Automation, a technology startup focusing on electric powertrains and autonomous technologies, has recently concluded its Pre-Series A funding round led by Saama. Investors including Amit Singhal (the former head of Google’s search division), Suveer Sinha (India Head for KKR Capstone), Bluehill Capital, Keiretsu Forum, and Soonicorn Ventures also participated. The company is preparing to introduce its electric tractor with self-driving capabilities, targeting various commercial sectors like biomass plants, airports, construction, agriculture, and solar farms later this year as per its business roadmap.

In 2023, India emerged as the largest tractor market globally, contributing nearly half of the 2 million tractors sold worldwide. Approximately 95% of tractors manufactured in India were utilized within the country, with about one-third serving commercial purposes, which aligns with AutoNxt’s primary focus, as claimed by the company statement. The company’s domestically engineered technology aligns with India’s “Atmanirbhar Bharat” campaign and the Prime Minister’s Net Zero by 2070 target.

Hemant Asher, Partner at Saama, remarked, “We’re thrilled to back AutoNxt, where our conviction is underpinned by our belief in Industry 5.0 as a core driver of India’s economic growth. The company’s technology platform built in India for the Indian market and the founding team’s sharp focus on the commercial segment in the current phase of their business further strengthens our conviction. AutoNxt has a clear opportunity to be the leading electric and autonomous mobility tech platform for the Indian market.”

The company has developed high-torque, high-voltage electric powertrains, self-driving technology with a swappable modular battery system, and fast charging capabilities (within 2 hours). It offers a mobile app with IoT technology designed to optimize tractor performance and enable easy fleet monitoring and serviceability, added the official statement. AutoNxt electric tractors claim operating costs one-fifth that of diesel tractors, enabling owners to break even in under 2 years. Over a 10-year ownership period, the technology reduces maintenance and fuel expenses, resulting in multiple cost savings.

AutoNxt’s Founder and CEO, Kaustubh Dhonde says, “The latest funding from Saama and all our investors enables us to fast-track engineering efforts and promptly establish our brand as a dependable, global, cutting-edge mobility platform, with ‘India for India’ as our guiding mantra.”

Pankaj Goyal, Co-founder and COO of AutoNxt commented, “The electric tractor is the first use case for our core technology, and after these successful deployments, we will diversify into other off-highway segments, allowing AutoNxt to expand its product portfolio and open up new lines of business.”

Swadeep Pillarisetti, senior advisor and board member at AutoNxt says, “With India’s growing environmental concerns, strong recent government push for deep-tech investments, rapidly growing manufacturing capabilities and engineering talent pool, we are poised to become a global EV leader over the next decade.”

Also read: E-tractor equivalent to 18HP ICE tractor showcased at iCreate bootcamp among other EV solutions

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