Cellestial E-mobility, a Hyderabad-based start-up that has also manufactured India’s first electric tractor has bagged US$35 Million valuation in its Pre-Series A fundraise. Due to its sustainable, robust business model, growing user response coupled with a consistent revenue generation Cellestial had grabbed its initial raise of half a million USD.
The latest round of strategic financing included the Co-founder of Electric Motor Company, Ashik Karim, Founder of UpCapital Investments, Canada’s leading EV financial advisory group. According to an official release, the said companies did not just invest money but also expressed ‘deeper interest’ in supporting the Company’s growth in branding & 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, stated “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.”
“The uniqueness of our affordable green EV Tractor targeted to Indian farmers 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, dealers in India followed by Canadian and Mexican pilot markets. The order book is around 1700 tractors, and shipments to consumers and 5 distributors across the country will commence soon...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.
“Our proprietary battery technology and deep understanding of optimising the performance in the e-propulsion makes the difference in our Electric Tractor,” said Syed Mubasheer, Co-founder and CTO, Cellestial E-Mobility.
The Hyderabad start-up 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. Cellestial Green Tractors has undergone 1000s of hours of rigorous field tests including vibration testing to confirm market readiness.