AutoNxt Automation, a pioneering e-mobility technology startup headquartered in Maharashtra, has successfully secured funds in a Pre-Series A funding round aimed at financing the launch of its revolutionary electric tractor equipped with self-driving capabilities.
The funding initiative, spearheaded by Saama, an early-stage venture capital firm based in India, saw the participation of notable investors including Amit Singhal, former Head of Google?s search division, Suveer Sinha from KKR Capstone, Bluehill Capital, Keiretsu Forum, and Soonicorn Ventures, among others. The exact amount raised in this funding round remains undisclosed.
Designed primarily for commercial applications, AutoNxt?s electric tractors are poised to transform sectors such as agriculture, airports, biomass plants, construction, and solar farms. These tractors boast cutting-edge features including high-torque, high-voltage electric powertrains, self-driving technology with a swappable modular battery system, and rapid 2-hour charging capabilities.
Moreover, AutoNxt offers a comprehensive mobile app integrated with IoT technology, facilitating optimal tractor performance monitoring and streamlined fleet management. The company asserts that the reduced maintenance, fuel expenses, and operational costs of its electric tractors enable owners to recoup their investment in less than two years.
Kaustubh Dhonde, Founder and CEO of AutoNxt, expressed his enthusiasm, stating, ?The latest funding from Saama and all our investors empowers us to accelerate our engineering endeavors and swiftly establish our brand as a reliable, global, cutting-edge mobility platform, guided by our 'India for India' philosophy.?
Hemant Asher, Partner at Saama, echoed this sentiment, saying, ?We?re delighted to support AutoNxt, as we firmly believe in Industry 5.0 as a pivotal driver of India?s economic progress. The company?s indigenous technology platform tailored for the Indian market, coupled with its unwavering focus on the commercial segment, reinforces our confidence in its potential.?
The funding announcement comes at a time of burgeoning growth in India?s electric vehicle (EV) market. According to recent data released by the Ministry of Road Transport and Highways, EV sales in India surged to a record 486,669 units in the first quarter of 2024, marking a remarkable year-over-year increase of over 40%. This exponential growth underscores the increasing demand for sustainable mobility solutions in the country.
In parallel, Mercom Capital Group?s latest report on Funding and M&A in the storage & grid sector revealed a 55% decline in venture capital funding for smart grid initiatives, totaling $1.5 billion across 47 deals in 2023, compared to $3.3 billion in 46 deals in 2022. Despite this downturn, investments in innovative ventures like AutoNxt signal a continued commitment to advancing sustainable infrastructure and technology in India and beyond.