AutoNxt Automation finally announce that it plans to launch electric tractors in India within the current financial year. Read on for more info.
Renowned electric tractor manufacturer, AutoNxt Automation secures funding of Rs.6.4 Crores from angel investors of HNI under the strategic leadership of Mr. Swadeep Pillarisett, a board member at AutoNxt Automation.
It is believed that the funding has been utilised efficiently for research and development, testing and other requirements for constructing India’s first electric tractor. As for the tractors, AutoNxt Automation will launch 3 different variants of their electric tractors in India in the current financial year- 20HP, 35HP and 45HP variants.
The funding is led by Keiretsu Forum, Virya Mobility 5.0 and a few other important angel investors like Mr. Ayad Khalil Chammas, an international oil and gas professional who has ventured into the EV space, Mr. Chand Das, ex-CEO of ITC, Mr. Nitin Johar, CFO for IDO at Govt of Ras Al Khaimah Mr. Suveer Sinha, India head for KKR Capstone, Mr. Ravichandran Sargunaraj and ex-Executive Director at TVS Logistics Services Ltd. among others.
From the day of its inception, the company has achieved numerous milestones. Their high torque and performance-oriented electric tractors have been built from the ground up along with the supply chain and assembly setup. Also, it has been keen on working and developing AI and 5G technology for fleet operations. The AI and 5G technology are being actively tested on various tractors as we speak. Further, the brand has announced that it has plans to release its autonomous driving technology by 2024.
Kaustubh Dhonde, Founder & CEO of AutoNxt Automation said, “With this next round of funding, we will focus on our electric tractors’ production readiness as well as their market introduction by the end of this year.
Through the implementation of a new lease and distribution model for the AutoNxt electric- self-driving Tractor, we hope to change and redefine the agricultural tractor market. Compared to the standard tractors already on the market, the cost-saving technology reduces operational costs by up to four times. Due to our company’s efforts to lead the electric vehicle market, we want to significantly cut carbon emissions not only in India but also globally”
Furthermore, considering the health hazards that traditional diesel-powered tractors present, electric tractors are believed to be far safer and more efficient while offering a 4-fold reduction in running costs.
