Cellestial E-mobility, a city-based startup is planning to raise around USD 6-8 million as the company on Wednesday unveiled its first electric tractor.
Unveiling the prototype, Siddhartha Durairajan, Co- Founder Promoter of Cellestial E- Mobility told reporters that the e-tractor is engineered to be a zero-emission environment-friendly tractor for horticultural or Greenhouse works or moving goods within factories, warehouses and to haul baggage in airports.
"This is the first working prototype. The working prototype is ready for going into the production model. We can get the production model rolled out in the next three-six months. We are targetting to build 8,000 tractors in the next 36 months. We are trying to price it sub-below Rs 5 lakh," Siddhartha said.
Cellestial E-Mobility began its operations in May 2019 and raised a round of investment of USD 2,00,000 funding from Singapore-based Angel Investor.
The company is looking at raising around USD 6-8 million in the next six months.
"We have raised an initial funding of USD 2,00,000. We are looking at raising (more) funds. We are already in conversation with lot of PEs and VCs (Private equity and venture capital investments). Everybody wants to be in the electric space and incidentally there is no (electric) player in the farm equipment side and they are very keen on this space," Siddhartha said.
He saidCellestial's 6HP electric tractor (equivalent to 21HP diesel tractor) is equipped with residential power socket charging and battery-swapping enabled.
"The Cellestial e-tractor can cover up to 75kms on a single charge, has max power of 18 HP and 53 NM peak torque and reaches a speed of up to 20 kmph," said Syed Mubasheer Ali, Co-Founder and Partner, Cellestial E -Mobility.
On average, the running cost of the Cellestial E- Mobility tractor will be around Rs 20Rs 35 per hour which is significantly lower than its diesel engine counterpart, he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)