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HomePosts Tagged "Moonrider"
Agribusiness, Agrotech, Farm Mechanisation, India, Interaction, Machinery - Pre-harvesting, Machinery – Post-harvesting, Sustainability

In an interaction with AgroSpectrum Anoop Srikantaswamy, Co-founder and CEO, Moonrider shared trends and future of “Indian Electric Tractor Industry.

Moonrider has recently been successful in securing a venture round of funding of $2.2 million (Rs 19 crore). This funding round was jointly led by AdvantEdge Founders and Micelio Technology Fund, in addition to a considerable number of angel investors. Moonrider is an Electric Tractor Technology Company founded in 2023, focused on developing heavy-duty electric tractors (e-tractors) designed to reduce farming costs and improve operational efficiency for farmers and fleet operators. In an interaction with AgroSpectrum, Anoop Srikantaswamy, Co-founder and CEO of Moonrider, shared trends and future of “Indian Electric Tractor Industry.” Edited excerpts:

What is the current market size of the Electric Tractor Market in India?

India is the largest tractor market with 1 million units sold last year amounting to $17 billion in revenue. Globally it is a $30 billion market with 1.8 million units sold. Pheonix Research, an international market research consultancy, projects that the e-tractors market in India will grow at a healthy compound annual growth rate (CAGR) of 21.5 per cent between 2021 and 2027.

How do you envisage the future of e-tractors in the Indian agriculture sector?

The agricultural industry is responsible for 18 per cent of India’s gross domestic product, and e-tractors will play a significant part in the development and progress of the sector from this point forward. Farm mechanisation will be made possible by e-tractors, which will also contribute to an increase in farm production and profitability. Within 8-10 years, e-tractors will replace 50 per cent of the diesel tractors that are currently used on farms. When it comes to the promotion of environmentally friendly assets that will lead to the widespread use of e-tractors, we also anticipate more cooperation from the government.

Not only do e-tractors assist in encouraging sustainable agricultural techniques, but they also help reduce the carbon footprint of farmers. The consumption of diesel-by-diesel tractors in India accounts for 7.4 per cent of the country’s annual diesel consumption, which results in increased carbon emissions.

What are the major challenges of the e-tractor sector and how can they be resolved?

We will need to assist users in comprehending and becoming aware of the considerable benefits that are offered, which will ultimately lead to the broad adoption of e-tractors. This is necessary for any new technology or product launch. Another area that presents difficulties in the present day is the financing of the acquisition of e-tractors. It will be easier to accelerate the adoption of e-tractors if there is more participation from nationalised banks that offer favourable interest rates. The supply of electricity in particular locations may be uneven; fixing this issue will make it simpler for farmers to use e-tractors that are suitable for their requirements. With that being said, the backing of the government is necessary; subsidies and policies that are advantageous will assist in increasing the adoption and utilisation of e-tractors.

You have mentioned that your mission is enhancing farm profitability. Can you elaborate on that?

From the perspective of farm equipment, one must lower the operating costs and the initial capital expenditure to improve the profitability of the farm. More money is earned and saved by farmers as a result of this. The fact that our e-tractors are 70 per cent less expensive to operate and maintain has a direct influence on the profitability of farms and the income of farmers. Further, Moonrider e-tractors, such as our 75-horsepower (HP) e-tractors, are priced similarly to their diesel equivalents, which makes them an appealing prospect for consumers and farmers alike.

To read more click on: https://agrospectrumindia.com/e-magazine

In an interaction with AgroSpectrum Anoop Srikantaswamy,

Agribusiness, Company News, Farm Mechanisation, Finance, Funding, India, Machinery - Pre-harvesting, Machinery – Post-harvesting

The funds raised will be directed towards fostering innovation and building strong capabilities in vehicle engineering, vehicle software and battery technology.

 Moonrider an Electric Tractor Technology Company headquartered in Bangalore, has raised a seed round of US$2.2M (Rs.19 crores) co-led by AdvantEdge Founders and Micelio Technology Fund, in addition to a clutch of angel investors. Moonrider, founded in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, leverages their extensive backgrounds in vehicle engineering and electric vehicle R&D from the Volvo Group, Ola Electric & Olectra BYD. Moonrider offers a comprehensive range of heavy-duty electric tractors that significantly reduce operational costs for farmers and fleet operators.

The funds raised will be directed towards fostering innovation and building strong capabilities in vehicle engineering, vehicle software and battery technology. The company’s electric tractor recently captured significant attention at an agricultural event in Hyderabad, drawing interest from farmer producer organizations (FPOs), individual farm owners, and various stakeholders within the agricultural ecosystem across the country.

Commenting on the funding Anoop Srikantaswamy, co-founder and CEO of Moonrider, stated, “Our mission is to enhance farm profitability by empowering farmers to earn more, save more and produce more. Our electric tractors are designed to cater to diverse farming needs, delivering superior performance, boosting farmer income, and promoting climate-friendly farm mechanization. In recent months, we have forged strong partnerships with leading agri-players and fleet operators both in India and internationally. By leveraging our collective expertise, we aim to develop world-class solutions that elevate productivity. We are proudly Made in India, for the world”.

‘AdvantEdge’s fund thesis centers around accelerating the transition from the Internal Combustion Engine to Electric Vehicles and we see electric tractors as the next category since they are fifty percent cheaper to own and maintain,’ said Kunal Khattar, from AdvantEdge Founders, India’s leading mobility technology fund.

Shreyas Shibulal, founder, Micelio Fund stated, ‘We are very excited about our partnership with Anoop, Ravi and the entire Moonrider team. We believe we are at the right intersection point for electric tractors given the technology and business model evolutions. At Micelio Fund, we aim to back disruptive and sustainable innovations that push the envelope of clean mobility and Moonrider feels right at home.’

The funds raised will be directed towards