Moonrider, a Bengaluru-based electric tractor company, has raised $6 million in its Series A round led by pi Ventures, with participation from Singularity AMC and existing investors Advantedge Founders and Micelio Fund.
AdvantEdge Founders, Micelio Technology Fund, and a group of angel investors co-led Moonrider’s $2.2 million (Rs 19 crore) seed round earlier in January of this year.
The new funding will support the transition from pilot deployments to commercial rollout.
Anoop Srikantaswamy founded Moonrider in 2023 with the goal of reducing farming and land preparation expenses through the production of electric tractors. It builds its platform by vertically integrating electronics, battery systems, and drivetrain.
According to the company, its electric tractors can reduce farming costs by up to 80% and are priced at parity with diesel tractors. It creates heavy-duty electric tractors with the goal of reducing farming expenses and boosting productivity.
As per market research, India currently sells about one million diesel tractors annually, and electric tractor adoption is expected to rise as fuel and operating costs impact farm profitability.
Recently, tractor-focused marketplace Tractor Junction raised $22 million in a fundraising round led by Astanor, with participation from Info Edge and Omnivore.
