Electric tractor startup Moonrider raises $2.2 million co-led by AdvantEdge founders, Micelio Fund

Moonrider, a Bengaluru-electric tractor technology startup, has raised $2.2 million in seed funding, the company said in a statement today, January 7. The fresh round was co-led by AdvantEdge Founders and Micelio Fund.  

In the latest round, a clutch of angel investors also participated.

Moonrider which was founded in 2023 by Anoop Srikantaswamy and Ravi Kulkarni, develops heavy-duty electric tractors with in-house battery tech, achieving price parity with diesel alternatives. 

The startup plans to use the funding to advance vehicle engineering, software, and battery tech to drive climate-friendly, cost-effective farm mechanisation. 

"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 Kunal Khattar, from AdvantEdge Founders, India’s leading mobility technology fund. 

Shreyas Shibulal, founder, Micelio Fund stated, "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."

Moonrider offers a comprehensive range of heavy-duty electric tractors that significantly reduce operational costs for farmers and fleet operators. The company claims that its team's strong supply chain and engineering expertise have enabled its tractors to achieve price parity with diesel alternatives. The company has also developed an innovative in-house battery technology for which a patent has already been filed.

Commenting on the funding Anoop Srikantaswamy, co-founder and CEO of Moonrider, stated, "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."