Hyderabad-based start-up Cellestial E-mobility, which showcased its electric tractor a year ago has announced that it has achieved $35 million (Rs 260 crore) valuation in its Pre-Series A funding. The company says buoyed by its sustainable business model, growing user response coupled with a consistent revenue generation it has closed its initial raise of $500,000 (Rs 3 crore).
The start-up says its investors include Ashik Karim, founder, UpCapital Investments, a leading Canadian EV financial advisory group, Gurj Aujla and other HNI’s from Canada with links to agriculture, commercial banking and wealth management have also participated in this round.
Siddhartha Durairajan, founder and CEO, Cellestial said“The USP of our electric tractor is that it is the first-in-its-class with affordable pricing, path-breaking battery technology and torque that is primed to take on the tractor markets, with expansive sales and service dealer network. The uniqueness of our affordable green EV tractor targeted to Indian farmers is that it has a very low operating cost. We plan to introduce our affordable tractors in the global market next year. Starting this year, Cellestial will start shipping units to early buyers, dealers in India followed by Canadian and Mexican pilot markets. The order book is around 1,700 tractors, and shipments to consumers and 5 distributors across the country will commence soon.”
Syed Mubasheer, co-founder and CTO, Cellestial E-Mobility said: “Our proprietary battery technology and deep understanding of optimising the performance in the e-propulsion makes the difference in our electric tractor.”
The start-up unveiled its first electric tractor prototype in March 2020 with features like battery swap, regenerative braking, power inversion, residential AC power charging, and superfast charging. The firm has claims integrating smart lithium-ion battery technology with robust build, product aesthetics, and intelligent features, the electric tractor is built to run for longer periods with a full load, zero-emission, and stress-free operation. The e-tractors are claimed to have undergone thousands of hours of rigorous field tests including vibration testing to confirm market readiness.