AutoNxt Automation, a Maharashtra-based e-mobility tech startup, has raised funds in a Pre-Series A funding round to finance the launch of its first electric tractor with self-driving options.

The funding round was led by Saama, an India-based early-stage venture capital firm.

Amit Singhal, former Head of Google’s search division, Suveer Sinha, India Head for KKR Capstone, Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and other marquee investors also participated in the funding round.

The companies did not disclose the amount raised.

Designed for commercial use, AutoNext’s electric tractors can be used in sectors like agriculture, airports, biomass plants, construction, and solar farms.

The company is known for advancements in high-torque, high-voltage electric powertrains, self-driving technology with a swappable modular battery system, and ultra-fast 2-hour charging capabilities.

It also offers a mobile app with IoT technology to optimize tractor performance and ensure easy fleet monitoring and serviceability. The company claimed that lower maintenance, fuel expenses, and operating costs help owners break even on their electric tractors in less than two years.

AutoNxt’s Founder and CEO Kaustubh Dhonde said, “The latest funding from Saama and all our investors enables us to fast-track engineering efforts and promptly establish our brand as a dependable, global, cutting-edge mobility platform, with ‘India for India’ as our guiding mantra.”

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 strengthens our conviction.”

According to the recent data released by the Ministry of Road Transport and Highways, EV sales in India reached a record 486,669 units in the first quarter of 2024, a jump of over 40% year-over-year against the 347,676 units sold in the same period of 2023.

Mercom Capital Group’s newly released Annual and Q4 2023 Funding and M&A Report for Storage & Grid found that the venture capital funding in the smart grid sector fell 55% with $1.5 billion in 47 deals in 2023 compared to $3.3 billion in 46 deals in 2022.