Saturday, June 22, 2024
HomeFunding India-Based AutoNxt Automation Raises $3 Million in Pre-Series A Round Funding

[Funding Alert] India-Based AutoNxt Automation Raises $3 Million in Pre-Series A Round Funding

AutoNxt Automation, an electric tractor startup based in Mumbai, has raised $3 million. Amit Singhal, the former head of Google's search division Suveer Sinha, the head of KKR Capstone's India operations, Bluehill Capital Keiretsu Forum Soonicorn Ventures; and other investors also participated in the round.

AutoNxt Automation, an electric tractor startup based in Mumbai, has raised $3 million. Amit Singhal, the former head of Google’s search division Suveer Sinha, the head of KKR Capstone’s India operations, Bluehill Capital Keiretsu Forum Soonicorn Ventures; and other investors also participated in the round.

Kaustubh Dhonde, the founder and CEO of AutoNxt, stated that the company will use the additional funds to accelerate its technical efforts and position it as a trustworthy, international mobility platform.

Read also – Hong Kong-based Windrose Technology Secures US$ 110 Million Series B Funding

“AutoNxt is set to launch India’s first electric tractor with self-driving options, designed for commercial use in various sectors such as biomass plants, airports, construction, agriculture, and solar farms later this year,” the company said in a statement.

We’re thrilled to back AutoNxt, where our conviction is underpinned by our belief in Industry 5.0 as a core driver of India’s economic growth. The company’s technology platform built in India for the Indian market and the founding team’s sharp focus on the commercial segment in the current phase of their business further strengthen our conviction,” said Hemant Asher, partner at Saama.

Additionally, it provides IoT-enabled smartphone software designed specifically to maximize tractor performance and facilitate simple fleet maintenance and monitoring. The electric tractor is the first use case for our core technology, and after these successful deployments, we will diversify into other off-highway segments, allowing AutoNxt to expand its product portfolio and open up new lines of business.

Read also – Israel-based Guesty raises $130 Million in Series F funding

The goal of AutoNxt Automation, an automation technology firm founded in 2016 by Kaustubh Dhonde, is to commercialize the first electric, self-driving tractor in India.According to AutoNxt, owners of its electric tractors can break even in less than two years because their running expenses are one-fifth those of diesel tractors.

About AutoNxt Automation

The goal of automation technology startup AutoNxt Automation Pvt. Ltd. is to soon introduce the first electric, autonomous (self-driving) tractor in India. Their objective is to bring about a new lease and distribution model for the Hulk, which will completely transform and redefine the agricultural tractor market.

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular