Autocracy Machinery Raises $1.2 Million In Seed Funding The funding will be used to expand Autocracy's domestic and global distribution footprint, invest in R&D and build out a state-of-the-art industrial unit to enhance and streamline production
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Autocracy Machinery Private Limited (Autocracy), a manufacturer of trenching, turf and construction machinery has announced securing a $1.2 million Seed funding led by Venture Catalysts. Marquee investors Nikhil & Bharat Jaisinghani (Executive Directors, Polycab India Limited), Meghna Agarwal (CEO, IndiQube), Abhishek Rungta (Partner, Seeders), Srikanth Iyengar (CEO, Workforce Development, upGrad) and Abhishek Modi (Managing Partner Shiva Engg, VP-South Asia chapter, Stanford Seed Network) along with HEM Angels, VC Grid and S Four capital participated in this round.
The funding will be used to expand Autocacy's domestic and global distribution foot-print, invest in R& D and build out a state-of-the-art industrial unit to enhance and streamline production. In an official statement, the company claimed that it has clocked a three-fold increase in revenue in past years and is well-positioned to achieve revenues of INR 60 crore by the fiscal year 2025.
"We are driven by our commitment to India's 'Make in India' and 'Make for the World' mantras by redefining heavy duty precision engineering in India with efficient, locally designed, and cost-effective machinery. Our overarching mission is to play a pivotal role in establishing India as a global manufacturing and innovation powerhouse," said the company.
Commenting on this fundraise, Dr. Apoorva Ranjan Sharma, co-founder at Venture Catalysts, stated, "India's construction equipment industry has experienced rapid growth in recent years and is projected to reach a staggering $160 billion by 2027. This expansion is fueled by a multitude of factors, including government-led infrastructure development initiatives, surges in foreign investments and the flourishing real estate sector. India is increasingly committed to reducing its reliance on expensive imported equipment. Investing in Autocracy resonates deeply with our mission to support and promote the 'Make in India' initiative."
Founded in 2020 by Santhoshi Buddhiraju and Laxman Vallakati, Autocracy's cutting-edge solutions cater to multiple sectors such as agriculture, telecommunications, landscaping, irrigation, civil engineering and infrastructural development.