Mumbai, Aug 17 (PTI) AutoNxt Automation is looking to raise Rs 27 crore (USD 3.5 million) in pre-Series A funding round by October-November for the production of electric tractor and its launch, founder and CEO Kaustubh Dhonde said.

Founded in 2016, the automation technology startup is expected to roll out its first e-tractor in 20HP, 35HP and 45HP variants by the year end, Dhonde told PTI.

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In May this year, the company completed the last tranche of Rs 6.4-crore seed funding round from angel investors.

"We are working on raising Rs 27 crore (USD 3.5 million) in the pre-Series A round of funding. We are typically looking at strategic investors who are from the family offices, having experience in manufacturing, and our focus will also be on VCs who are investing to harvest the electric mobility space," Dhonde said.

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He said the company expects the Series A fundraise process to be completed by October-November.

The funds will be used for the pilot production of the electric tractors, expanding the workforce and roll out of the e-tractor in the market.

Dhonde said that the company has orders for around 150 electric tractors in hand and has also received interest from European customers.

The production is expected to commence from January onwards while the tractor may hit the farms by March, he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)