Bengaluru-based electric tractor startup Moonrider has raised $2.2 million (approximately ₹19 crore) in a seed funding round co-led by Micelio Fund and AdvantEdge Founders, with contributions from various angel investors. The fresh capital will help the company enhance its capabilities in vehicle engineering, software development, and battery technology, marking a significant step forward in its mission to modernize agricultural practices through electric vehicles.
PC: EV Update Media
Founded by former Volvo executives Anoop Srikantaswamy and Ravi Kulkarni in 2023, Moonrider seeks to disrupt the agricultural industry with electric tractors priced on par with diesel models. In contrast to most electric vehicles, which tend to be far more expensive than their internal combustion engine (ICE) equivalents, Moonrider’s tractors are competitively priced and can capture farmer interest.
Kulkarni highlights that their electric tractors have significantly reduced operational costs. Farmers usually spend between ₹1,000 to ₹1,500 per hour on diesel, while Moonrider’s electric tractors cost around ₹300 per hour. This significant saving is not only a relief for farmers but also supports the shift towards sustainable farming.
One of Moonrider’s key innovations is its proprietary battery technology, which is manufactured in-house. By producing batteries internally, the startup has managed to cut costs by 40% compared to sourcing from external suppliers. Kulkarni explains that while external suppliers might charge around ₹100 for a battery pack, in-house production can reduce that cost to ₹60, passing on the savings to customers. This strategic play makes Moonrider able to provide farmers with cheaper electric tractors while not sacrificing on quality.
Moonrider offers different charging solutions to farmers, including normal home charging, AC fast charging, and a rapid charging solution that takes between 30 to 60 minutes. Besides, many farmers can enjoy free electricity for agricultural use in some states, which would make the cost of using electric tractors more economical.
To ensure a robust market for its products, Moonrider has forged partnerships with major non-banking financial companies (NBFCs) and aggregators in India. These alliances are expected to secure demand for the next 2-3 years, paving the way for a successful product launch. Kulkarni stated that their focus now is to bring the product to market at the earliest and begin deployment, indicating the startup’s commitment to rapid commercialization.
Never in the history of India have farmers felt the pinch more severely than today when it comes to rising diesel prices and the reduced profitability for the farming sector. Operational costs have added significantly to farmers’ costs, drawing funds that otherwise would be put into core agriculture activities, notes Kulkarni. Over the next 3-5 years, the farm mechanization will see much better improvements in India as the operational costs decline further and remain comparable to those of diesel tractors.
As Moonrider pushes forward with its funding and development plans, it finds itself at the forefront of a significant shift in the agricultural landscape. The commitment of the startup to innovation in electric tractor technology promises not only greater productivity for farmers but also to align with a broader trend toward sustainable farming practices. With significant investment and strategic partnerships, Moonrider is looking forward to leaving an impact on the electric vehicle market, moving ahead for India’s future of agriculture.
