Anoop Srikantaswamy and Ravi Kulkarni.Bangalore-based electric tractor company, Moonrider, secured USD 2.2 million (INR 19 crores) in seed funding. The round was co-led by AdvantEdge Founders and Micelio Technology Fund, with participation from angel investors. Founded in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, former Volvo Group, Ola Electric, and Olectra BYD engineers, the company aims to reduce operational costs for farmers with their innovative electric tractors and battery technology. The funding will be used to further develop vehicle engineering, software, and battery technology. Moonrider's tractors have already garnered interest at a recent agricultural event in Hyderabad.
Product portfolio
Moonrider offers a comprehensive range of heavy-duty electric tractors. These tractors aim to significantly lower operational costs compared to traditional diesel-powered tractors. The company's competitive pricing is attributed to the team’s supply chain and engineering expertise. A key innovation is their in-house developed battery technology, for which a patent has been filed.
The recent seed funding of USD 2.2 million will be strategically allocated. The funds will primarily support further advancements in vehicle engineering. Resources will also be dedicated to enhancements in vehicle software and proprietary battery technology.
Moonrider's electric tractor generated considerable interest at an agricultural event in Hyderabad. This event attracted a diverse range of attendees. These included farmer producer organisations (FPOs), individual farm owners, and other stakeholders from across the Indian agricultural sector.
‘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,’ said Anoop Srikantaswamy, co-founder and CEO of Moonrider.
Anoop Srikantaswamy and Ravi Kulkarni founded Moonrider in August 2023. They bring extensive experience in vehicle engineering and electric vehicle research and development. Their prior experience includes working with prominent companies like the Volvo Group, Ola Electric, and Olectra BYD. This background provides a strong foundation for Moonrider's technological development and market positioning.
‘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 said Kunal Khattar, from AdvantEdge Founders.
‘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,’ stated Shreyas Shibulal, founder of Micelio Fund.
