Electric tractor startup Moonrider raises $2.2 million in funding

Moonrider, an electric tractor startup founded in August 2023, has raised $2.2 million (approximately Rs 19 crore) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund, with participation from a group of angel investors.

The Bengaluru-based startup plans to use the funds to enhance its vehicle engineering, vehicle software and battery technology, aiming to make electric tractors more accessible and profitable for farmers and fleet operators.

Funding and vision

Moonrider was founded by industry veterans Anoop Srikantaswamy and Ravi Kulkarni, whose combined experience includes work at the Volvo Group, Ola Electric and Olectra BYD.

This background, they say, gives the startup an edge in creating high-performance tractors that can match diesel-powered options in both price and reliability.

According to a statement, the new infusion of capital will help Moonrider strengthen its R&D efforts, focusing on cost-effectiveness and sustainability to support India’s agricultural sector.

“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 50% cheaper to own and maintain,” said Kunal Khattar of AdvantEdge Founders, underscoring the importance of eco-friendly alternatives in a market still largely reliant on fossil fuels.

Technology and partnerships 

Moonrider’s heavy-duty electric tractors are designed to reduce operational expenses for small-scale farmers and large fleet operators alike. The startup has developed an in-house battery technology for which it has already filed a patent, emphasizing the startup’s commitment to innovation.

By leveraging this technology, Moonrider claims to have achieved price parity with diesel tractors, an essential factor for widespread adoption in India’s competitive agricultural market.

“Ourelectric tractors are designed to cater to diverse farming needs, delivering superior performance, boosting farmer income and promoting climate-friendly farm mechanization,” said Co-founder and CEO Anoop Srikantaswamy.

“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,” he added.