AutoNxt Automation Secures Pre-Series A Funding from Saama Capital and Others The Mumbai-based platform aims to deploy the fresh funds to fast-track the startup's engineering efforts and establish it as a dependable and global mobility platform.
By Entrepreneur Staff •
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Electric tractor startup AutoNxt Automation has announced the raising of pre-Series A funding led by Saama Capital.
Amit Singhal (former head of Google's search division), Suveer Sinha (India head for KKR Capstone), Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and other investors also participated in the round.
It had previously raised INR 6.4 crore from Keiretsu Forum and other investors during its seed round.
The new funds will be used to accelerate the startup's engineering efforts and position it as a trustworthy and international mobility platform, according to Kaustubh Dhonde, founder and CEO of AutoNxt.
Launched 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.
The platform claims that its cost-saving technology used in electric tractors allows for over a four-fold reduction in running costs.
In order to maximise tractor performance and guarantee simple fleet monitoring and serviceability, it also provides a smartphone app using IoT technology.
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."
According to the company, 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.
Hemant Asher, Partner at Saama, said, "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 strengthen our conviction."
