Hyderabad-based startup Cellestial E-mobility, the maker of the first electric tractor in India, has raised $500,000 in a pre-Series A funding round at a valuation of $35 million.
This round of strategic financing came from Ashik Karim, Founder of UpCapital Investments, Canada's leading EV financial advisory group.
Gurj Aujla and other HNIs from Canada with links to agriculture, commercial banking, and wealth management also participated in this round.
“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,” said Siddhartha Durairajan, Co-founder and CEO, Cellestial.
Siddharth Durairajan and Syed Mubasheer, Co-founders, Cellestial
“The uniqueness of our green EV tractor 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 and dealers in India, followed by Canadian and Mexican markets. The order book is around 1,700 tractors, and shipments to consumers and five distributors across the country will commence soon,” added Siddhartha.
In a media statement, Cellestial said it 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.
Integrating smart Li-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 statement added.
The startup claims to have undergone many hours of rigorous field tests, including vibration testing to confirm market readiness.
Siddhartha further stated that today’s farming tractors do not address the unmet needs for the agriculture sector, which is not only looking for affordability but also has high-performance efficiency.
“With our tractor, we have solved this need with a market-ready solution, backed by our technological expertise and deep domain knowledge,” he added.
Edited by Megha Reddy
Link : https://yourstory.com/2021/05/funding-alert-electric-tractor-startup-cellestial
Author :- Sujata Sangwan ( )
May 28, 2021 at 12:39PM
YourStory