Moonrider, a Bangalore-based heavy-duty electric tractor manufacturer, was founded in 2023 by two entrepreneurs who had previously worked for Toyota, Volvo, and Indian EV makers NAE Mobility and Ola. They designed an electric tractor and a proprietary battery to reduce long-term costs for farmers by eliminating the need to buy diesel fuel.
The e-tractors are reportedly at price parity with diesel-powered versions. Moonrider secured $2.2 million in seed funding for its battery and software development from two Indian mobility-focused VC funds, AdvantEdge Founders in Delhi and Micelio Technology Fund in Bangalore.
Electric two-wheelers
Also in Bangalore, Oben Electric raised $6 million in a Series A round to get its electric motorbikes onto India’s roadways. Investment in India’s EV makers has been a strong point in the country’s venture ecosystem; most of the funding is for electric two- and three-wheel vehicles which dominate India’s roadways (see, “Small vehicles have investors thinking big about India’s e-mobility transition”).
Oben has two electric bikes in the market and is gearing to launch a lower-cost “mass market” model priced at 90,000 rupees (about $1,000), as well as a new, heavier-duty motorcycle.
Families for EVs
Oben’s round is notable for the participation of two Indian family offices, the Pravek Kalp Family Office, whose wealth comes from ayurvedic medicines, and the Polyplex Family Office, which serves the family behind polyester manufacturer Polyplex.
India’s roughly 300 family offices hold an estimated $30 billion in assets. They are increasingly exploring responsible and impact investing strategies, and making direct investments in impact-aligned sectors that are “poised for growth,” such as healthcare, technology and renewable energy, according to PwC.
