AutoNxt Bags USD 3 Million in Pre-Series A Funding

AutoNxt Automation has received around USD 3 million (INR 25 Crore) in a Pre-Series A round of funding led by Saama.

The start-up said that Amit Singhal, the former head of Google’s search division, Suveer Sinha, India Head for KKR Capstone, Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and other marquee investors also participated in the round.

AutoNxt states with this funding it is all 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.

India, the world’s largest tractor market by volume, produced nearly half of the 2 million tractors sold globally in 2023. Moreover, roughly 95 percent of the tractors made in India were sold domestically, of which one-third were used in commercial applications, which is AutoNxt’s primary focus.

Hemant Asher, Partner at Saama, remarked, “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. AutoNxt has a clear opportunity to be the leading electric and autonomous mobility tech platform for the Indian market.”

The EV start-up states it has pioneered advancements in high-torque, high-voltage electric powertrains, self-driving technology with a swappable modular battery system, and ultra-fast 2-hour charging capabilities. It also offers a versatile mobile app with IoT technology that is purpose-built to optimise tractor performance and ensure easy fleet monitoring and serviceability. AutoNxt electric tractors have operating costs one-fifth that of diesel tractors, enabling owners to break even in under 2 years. With lower maintenance and significantly reduced fuel expenses over a 10-year ownership period, this advanced technology pays for itself multiple times over.

Kaustubh Dhonde, Founder and CEO, Autonxt Automation said, “The latest funding from Saama and all our investors enables us to fast-track engineering efforts and promptly establish our brand as a dependable, global, cutting-edge mobility platform, with ‘India for India’ as our guiding mantra.”

Pankaj Goyal, Co-Founder and COO, AutoNxt stated, “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.”

Swadeep Pillarisetti, Senior Advisor and Board Member at AutoNxt said, “With India’s growing environmental concerns, strong recent government push for deep-tech investments, rapidly growing manufacturing capabilities and engineering talent pool, we are poised to become a global EV leader over the next decade.”