Electric Tractor Startup AutoNxt Automation Bags $3 Mn From Saama Capital, Others

Mumbai-based electric tractor startup AutoNxt Automation has raised $3 Mn (around INR 24 Cr) in a Pre-Series A funding round led by Saama Capital.

The round also saw participation from Amit Singhal (former head of Google’s search division), Suveer Sinha (India head for KKR Capstone), Bluehill Capital, Keiretsu Forum, Soonicorn Ventures and others.

AutoNxt’s founder and chief executive officer Kaustubh Dhonde said that the fresh proceeds will be deployed to fast-track the startup’s engineering efforts and establish it as a dependable and global mobility platform.

“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,” the company said in a statement. 

“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,” said Hemant Asher, partner at Saama.

Founded in 2016 by Kaustubh Dhonde, AutoNxt Automation is an automation technology startup which is currently working to bring India’s first electric, self-driving tractor to market.

AutoNxt claims that its electric tractors have operating costs one-fifth that of diesel tractors, enabling owners to break even in under two years.

It also offers a mobile app with IoT technology that is purpose-built to optimise tractor performance and ensure easy fleet monitoring and serviceability.

Pankaj Goyal, co-founder and chief operating officer (COO) of AutoNxt 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.”

AutoNxt Automation has raised a total of 4 Mn to date. 

Over three rounds, it secured $1M in funding. In 2022, it last raised seed funding round.

It competes against the likes of self-drive vehicle companies like Ztractor, Qianchen Automobile, NIO and others.

As per research firm Statista, tractor sales in India were more than 945.3 thousand units in the financial year 2023 with an increase of over 12.2% from the previous year. The leader in the tractor market was Mahindra & Mahindra, with around 41% share of the market.