With the help of angel investors, Moonrider has collected $2.2 million (about ₹19 crores) in a seed investment round that was co-led by AdvantEdge Founders and Micelio Technology Fund. Anoop Srikantaswamy and Ravi Kulkarni founded the company in August 2023, and it capitalizes on their background in vehicle engineering and electric vehicle research and development from firms like Volvo Group, Ola Electric, and Olectra BYD.
The money generated will be utilized to improve the company’s software development, battery technology, and vehicle engineering skills. At a recent agricultural show in Hyderabad, Moonrider’s electric tractors caught the attention of farmer producer organizations (FPOs), individual farm owners, and other stakeholders in India’s agricultural ecosystem.
According to Anoop Srikantaswamy, co-founder and CEO of Moonrider, the company’s objective is to increase agricultural profitability by offering economical and effective mechanization options. He continued that the electric tractors are made to meet a variety of farming requirements, raise farmer incomes, and encourage environmentally friendly farming methods. In order to increase efficiency and create scalable solutions, Moonrider has also partnered with top fleet operators and agricultural companies in India and outside.
Kunal Khattar, a spokesman for AdvantEdge Founders, pointed out that electric tractors complement their fund’s emphasis on switching from internal combustion engines to electric vehicles. He emphasized that electric tractors are a promising invention for farmers because they are less expensive to acquire and operate.