Electric tractor startup Moonrider raises $2.2 Mn in seed round

Electric tractor technology company Moonrider has raised a seed round of $2.2 million (Rs 19 crore), co-led by AdvantEdge Founders and Micelio Technology Fund, along with a group of angel investors.

The funds will be directed towards fostering innovation and building strong capabilities in vehicle engineering, vehicle software, and battery technology, Moonrider said in a press release.

Moonrider, founded in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, leverages the founders' extensive backgrounds in vehicle engineering and electric vehicle R&D from the Volvo Group, Ola Electric, and Olectra BYD.

The Bengaluru-based startup offers a comprehensive range of heavy-duty electric tractors, claiming to reduce operational costs for farmers and fleet operators. According to the company, its strong supply chain and engineering expertise have enabled its tractors to achieve price parity with diesel alternatives.

With a focus on reliability and reduced upfront cost of ownership, Moonrider's tractors enable sustainable farming practices, with a mission to enhance farm profitability and productivity.

The company has also developed in-house battery technology for which a patent has already been filed.