MUMBAI, 11 April 2024: AutoNxt Automation, a disruptive technology start-up building high-torque electric powertrains and off-road autonomous technologies, is excited to announce the successful closure of its Pre-Series A round of funding led by Saama.
Amit Singhal, the former head of Google's search division, Suveer Sinha, India Head for KKR Capstone, Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and other marquee investors participated in the round.
As part of the first phase in its business roadmap, 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.
India, the world’s largest tractor market by volume, produced nearly half of the 2 million tractors sold globally in 2023. Moreover, roughly 95% of the tractors made in India were consumed domestically, of which one-third were used in commercial applications, which is AutoNxt’s primary focus. This positions the company as a highly competitive player on the global stage with its indigenously engineered advanced technology aligning well with the Indian Government’s “Atmanirbhar Bharat” campaign and the Net Zero by 2070 target announced by the Honourable Prime Minister.
Hemant Asher, Partner at Saama, remarked, “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 strengthens our conviction. AutoNxt has a clear opportunity to be the leading electric and autonomous mobility tech platform for the Indian market.”
The company has pioneered advancements in high-torque, high-voltage electric powertrains, self-driving technology with a swappable modular battery system, and ultra-fast 2-hour charging capabilities. It also offers a versatile mobile app with IoT technology that is purpose-built to optimize tractor performance and ensure easy fleet monitoring and serviceability. AutoNxt electric tractors have operating costs one-fifth that of diesel tractors, enabling owners to break even in under 2 years. With lower maintenance and significantly reduced fuel expenses over a 10-year ownership period, this advanced technology pays for itself multiple times over.
Spearheading these technological and business innovations is AutoNxt's dynamic and award-winning Founder and CEO, Kaustubh Dhonde. He says, “The latest funding from Saama and all our investors enables us to fast-track engineering efforts and promptly establish our brand as a dependable, global, cutting-edge mobility platform, with 'India for India' as our guiding mantra."
Pankaj Goyal, Co-founder and COO of AutoNxt drawing from his senior leadership experience across Japanese, South Korean, and European corporations, is building a strategic, multidisciplinary team propelling AutoNxt towards global prominence in electric and autonomous technology.
Adding further, he said, “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.”
Swadeep Pillarisetti, senior advisor and board member at AutoNxt, has strategically guided the company so far and said, "With India's growing environmental concerns, strong recent government push for deep-tech investments, rapidly growing manufacturing capabilities and engineering talent pool, we are poised to become a global EV leader over the next decade."
Image credit: emobilityplus.com
