AutoNxt Automation, has announced the successful completion of its Pre-Series A investment round. Saama oversaw the investment, with help from illustrious backers like KKR Capstone’s India Head Suveer Sinha and former Google search division chief Amit Singhal.
According to its strategic strategy, AutoNxt is going to launch the first autonomous electric tractor in India, which will serve a variety of commercial markets including airports, biomass plants, construction, farms, and solar farms. This programme is in line with India’s growing tractor market, which in 2023 accounted for about half of all sales worldwide and was largely used for commercial purposes.
AutoNxt seeks to establish itself as a competitive player on the international scene by concentrating on India’s commercial sector and utilising the country’s technological capabilities. The company is committed to advancing sustainable transportation solutions, as seen by its innovations in high-torque electric powertrains, self-driving technologies, and rapid charging capabilities.
Saama partner Hemant Asher expressed excitement about the collaboration and emphasised AutoNxt’s potential to be a leader in India’s Industry 5.0 scene. He emphasised how the business’s distinctive value proposition, which is suited to the Indian market, is in line with national policies like “Atmanirbhar Bharat” and the goal of reaching net zero by 2070.
Kaustubh Dhonde, the founder and CEO of AutoNxt, emphasised the importance of the money in strengthening the brand’s global mobility platform positioning and speeding up technical activities. The company’s strategic objective to extend its product line beyond electric tractors and cater to different off-highway areas was highlighted by Pankaj Goyal, COO and co-founder.
Senior advisor and board member at AutoNxt Swadeep Pillarisetti emphasised the favourable climate in India for deep-tech investments and technical expertise, setting up the business for future leadership in the world of electric vehicles.
Alcor Fund acted as an advisor on the deal, helping AutoNxt and its investors to form a strategic alliance.
