Moonrider raises Rs 18.26 Cr to drive electric tractor innovation in India

Moonrider, a Bangalore-based electric tractor technology company, has raised $2.2 million (approximately ₹19 crores) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund, along with contributions from angel investors. The company, established in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, draws on the founders’ experience in vehicle engineering and electric vehicle R&D from companies such as Volvo Group, Ola Electric, and Olectra BYD.  

Moonrider focuses on offering heavy-duty electric tractors designed to lower operational costs for farmers and fleet operators. The company has achieved price parity with diesel alternatives by leveraging its expertise in supply chain management and engineering. It has also developed an in-house battery technology, for which a patent has been filed.  

The funds raised will be used to enhance the company’s capabilities in vehicle engineering, software development, and battery technology. Moonrider's electric tractors recently attracted attention at an agricultural event in Hyderabad, generating interest from farmer producer organizations (FPOs), individual farm owners, and stakeholders in the agricultural ecosystem across India.  

Co-founder and CEO of Moonrider, Anoop Srikantaswamy, stated that the company’s goal is to improve farm profitability by providing cost-effective and efficient mechanization solutions. He added that the electric tractors are designed to address diverse farming needs, improve farmer income, and promote sustainable farming practices. Moonrider has also formed partnerships with leading agricultural players and fleet operators in India and abroad to enhance productivity and develop scalable solutions.  

AdvantEdge Founders’ representative, Kunal Khattar, noted that electric tractors align with their fund’s focus on transitioning from internal combustion engines to electric vehicles. He highlighted that electric tractors are more cost-effective to own and maintain, making them a promising innovation for farmers.  

Shreyas Shibulal, founder of Micelio Fund, expressed optimism about the partnership with Moonrider. He emphasized the growing potential for electric tractors at the intersection of technological advancements and evolving business models, aligning with the fund's commitment to supporting sustainable mobility solutions.