Moonrider Secures $2.2 Million in Seed to Launch its Electric Tractors in India

Bengaluru-based electric tractor startup Moonrider has raised $2.2 million in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund, with participation from a group of angel investors.

Founded in 2023 by Anoop Srikantaswamy and Ravi Kulkarni, Moonrider is tackling one of the most pressing challenges in the agricultural machinery industry: affordability and sustainability. By achieving price parity with diesel tractors, the company aims to drive widespread adoption of electric alternatives.

“The product is at the core of everything, and we want to get it right,” said Srikantaswamy, co-founder and CEO. “With this funding, we will double down on our efforts in testing, validation, and engineering improvements over the next five to six months.”

Moonrider’s heavy-duty electric tractors have been designed to offer the same power and efficiency as diesel counterparts while significantly reducing operational costs. According to the Moonrider, its innovations in battery technology and vehicle integration have enabled cost savings, making electric tractors a viable option for farmers and businesses alike.

The startup has already partnered with three key players in India and East Africa, with plans to begin commercial sales within the next three to four months.

Investors are taking note of the sector’s potential, despite a tougher funding climate for electric vehicle (EV) startups in India. Kunal Khattar of AdvantEdge Founders emphasized the importance of transitioning away from internal combustion engines. “Electric tractors are the next frontier in sustainable mobility. They are 50% cheaper to own and maintain, making them an attractive proposition for farmers,” he said.

With fresh funds in hand, Moonrider gears up for its product launch, the startup aims to lead the charge in making electric tractors a mainstream solution for the agricultural sector, delivering both economic and environmental benefits. The investment will also help the startup advance its vehicle engineering, software, and battery technology as it works toward launching its first fleet of electric tractors.