Hyderabad-based EV tractor firm raises funds
Our target customers are farmers who can use these tractors at low operating cost, says Siddhartha Durairajan, founder and CEO, Cellestial.
Hyderabad: Hyderabad-based startup Cellestial e-mobility, the makers of electric tractors, has bagged a pre-series A funding with a valuation of $35 million. Buoyed by its sustainable, robust business model, growing user response coupled with a consistent revenue generation Cellestial successfully closed its initial raise of $0.5 million.
This round of strategic financing included the co-founder of Electric Motor Company, Ashik Karim, founder of UpCapital Investments and Canada’s leading EV financial advisory group who have not just invested but expressed a deeper interest in supporting the company’s growth in branding and stewardship. Gurj Aujla and other high-net-worth individuals from Canada with links to agriculture, commercial banking and wealth management have also participated in this round.
Siddhartha Durairajan, founder and CEO, Cellestial, said, “Our electric tractor is affordably priced, has a path-breaking battery technology and torque that is primed to take on the tractor markets, with expansive sales and service dealer network. Our target customers are farmers who can use these tractors at low operating cost.”
He added that they plan to introduce the tractors in the global market next year and starting this year, Cellestial will start shipping units to early buyers, dealers in India followed by Canadian and Mexican pilot markets. “The order book is around 1,700 tractors, and shipments to consumers and 5 distributors across the country will commence soon,” he said.
Cellestial 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.
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