AutoNxt Automation Secures Pre-Series A Funding
ECONOMY & POLICY

AutoNxt Automation Secures Pre-Series A Funding

AutoNxt Automation, a pioneering e-mobility technology startup headquartered in Maharashtra, has successfully secured funds in a Pre-Series A funding round aimed at financing the launch of its revolutionary electric tractor equipped with self-driving capabilities.

The funding initiative, spearheaded by Saama, an early-stage venture capital firm based in India, saw the participation of notable investors including Amit Singhal, former Head of Google?s search division, Suveer Sinha from KKR Capstone, Bluehill Capital, Keiretsu Forum, and Soonicorn Ventures, among others. The exact amount raised in this funding round remains undisclosed.

Designed primarily for commercial applications, AutoNxt?s electric tractors are poised to transform sectors such as agriculture, airports, biomass plants, construction, and solar farms. These tractors boast cutting-edge features including high-torque, high-voltage electric powertrains, self-driving technology with a swappable modular battery system, and rapid 2-hour charging capabilities.

Moreover, AutoNxt offers a comprehensive mobile app integrated with IoT technology, facilitating optimal tractor performance monitoring and streamlined fleet management. The company asserts that the reduced maintenance, fuel expenses, and operational costs of its electric tractors enable owners to recoup their investment in less than two years.

Kaustubh Dhonde, Founder and CEO of AutoNxt, expressed his enthusiasm, stating, ?The latest funding from Saama and all our investors empowers us to accelerate our engineering endeavors and swiftly establish our brand as a reliable, global, cutting-edge mobility platform, guided by our 'India for India' philosophy.?

Hemant Asher, Partner at Saama, echoed this sentiment, saying, ?We?re delighted to support AutoNxt, as we firmly believe in Industry 5.0 as a pivotal driver of India?s economic progress. The company?s indigenous technology platform tailored for the Indian market, coupled with its unwavering focus on the commercial segment, reinforces our confidence in its potential.?

The funding announcement comes at a time of burgeoning growth in India?s electric vehicle (EV) market. According to recent data released by the Ministry of Road Transport and Highways, EV sales in India surged to a record 486,669 units in the first quarter of 2024, marking a remarkable year-over-year increase of over 40%. This exponential growth underscores the increasing demand for sustainable mobility solutions in the country.

In parallel, Mercom Capital Group?s latest report on Funding and M&A in the storage & grid sector revealed a 55% decline in venture capital funding for smart grid initiatives, totaling $1.5 billion across 47 deals in 2023, compared to $3.3 billion in 46 deals in 2022. Despite this downturn, investments in innovative ventures like AutoNxt signal a continued commitment to advancing sustainable infrastructure and technology in India and beyond.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

AutoNxt Automation, a pioneering e-mobility technology startup headquartered in Maharashtra, has successfully secured funds in a Pre-Series A funding round aimed at financing the launch of its revolutionary electric tractor equipped with self-driving capabilities. The funding initiative, spearheaded by Saama, an early-stage venture capital firm based in India, saw the participation of notable investors including Amit Singhal, former Head of Google?s search division, Suveer Sinha from KKR Capstone, Bluehill Capital, Keiretsu Forum, and Soonicorn Ventures, among others. The exact amount raised in this funding round remains undisclosed. Designed primarily for commercial applications, AutoNxt?s electric tractors are poised to transform sectors such as agriculture, airports, biomass plants, construction, and solar farms. These tractors boast cutting-edge features including high-torque, high-voltage electric powertrains, self-driving technology with a swappable modular battery system, and rapid 2-hour charging capabilities. Moreover, AutoNxt offers a comprehensive mobile app integrated with IoT technology, facilitating optimal tractor performance monitoring and streamlined fleet management. The company asserts that the reduced maintenance, fuel expenses, and operational costs of its electric tractors enable owners to recoup their investment in less than two years. Kaustubh Dhonde, Founder and CEO of AutoNxt, expressed his enthusiasm, stating, ?The latest funding from Saama and all our investors empowers us to accelerate our engineering endeavors and swiftly establish our brand as a reliable, global, cutting-edge mobility platform, guided by our 'India for India' philosophy.? Hemant Asher, Partner at Saama, echoed this sentiment, saying, ?We?re delighted to support AutoNxt, as we firmly believe in Industry 5.0 as a pivotal driver of India?s economic progress. The company?s indigenous technology platform tailored for the Indian market, coupled with its unwavering focus on the commercial segment, reinforces our confidence in its potential.? The funding announcement comes at a time of burgeoning growth in India?s electric vehicle (EV) market. According to recent data released by the Ministry of Road Transport and Highways, EV sales in India surged to a record 486,669 units in the first quarter of 2024, marking a remarkable year-over-year increase of over 40%. This exponential growth underscores the increasing demand for sustainable mobility solutions in the country. In parallel, Mercom Capital Group?s latest report on Funding and M&A in the storage & grid sector revealed a 55% decline in venture capital funding for smart grid initiatives, totaling $1.5 billion across 47 deals in 2023, compared to $3.3 billion in 46 deals in 2022. Despite this downturn, investments in innovative ventures like AutoNxt signal a continued commitment to advancing sustainable infrastructure and technology in India and beyond.

Next Story
Infrastructure Urban

Bain Capital Invests in Dhoot Transmission Group to Accelerate Growth

Dhoot Transmission Group, a prominent manufacturer of automotive components, has announced a strategic growth investment from Bain Capital. This partnership with founder and CEO Rahul Dhoot will leverage Bain Capital's automotive expertise to drive innovation, expand global reach, and explore high-growth segments through acquisitions and partnerships.Founded in 1999, Dhoot Transmission Group specializes in manufacturing wiring harnesses for two-wheelers, three-wheelers, and other vehicles, including both internal combustion engine (ICE) and electric vehicle (EV) segments. The company has diver..

Next Story
Infrastructure Energy

Indian Oil Corp Eyes Sour Crude from Spot Market

Indian Oil Corporation (IOC), the largest oil refiner in India by capacity, is actively seeking to procure high-sulphur crude oil through spot tenders. This marks the company's first initiative to import sour crude oil since March 2022, according to insights shared by trade sources on Thursday. Sour crude, known for its higher sulphur content, is commonly used by complex refineries capable of processing such grades efficiently. In addition to the sour crude tender, IOC has also floated a separate tender for sweet crude oil, a variety with lower sulphur content that typically requires less int..

Next Story
Infrastructure Urban

Indian Carmakers Gear up for EV Push in 2025 Despite Global Slowdown

Automakers in India are preparing to launch nearly a dozen new electric car models this year, many targeting the premium market. These vehicles are expected to feature extended driving ranges and faster charging capabilities, aimed at attracting consumers amid a global slowdown in demand for electric vehicles (EVs). Electric cars are set to dominate India's five-day auto show in New Delhi starting Friday. The event will showcase models from Vietnamese newcomer VinFast, alongside domestic players such as Maruti Suzuki and Mahindra & Mahindra, as well as international competitors including BYD,..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000