Autocracy Machinery Private Limited (Autocracy), an ISO 9001 certified manufacturer of trenching, turf and construction machinery has announced securing a $1.2 million seed funding led by Venture Catalysts.
Marquee investors Nikhil & Bharat Jaisinghani (Executive Directors, Polycab India Limited), Meghna Agarwal (CEO, IndiQube), Abhishek Rungta (Partner, Seeders), Srikanth Iyengar (CEO, Workforce Development, upGrad) and Abhishek Modi (Managing Partner Shiva Engg, VP-South Asia chapter, Stanford Seed Network) along with HEM Angels, VC Grid and S Four capital participated in this round.
Autocracy caters to multiple sectors such as agriculture, telecommunications, landscaping, irrigation, civil engineering and infrastructural development. Its pioneering machinery aims to ensure accessibility for both farmers and contractors, enabling them to harness the power of technology for enhanced efficiency.
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The funding will be used to expand Autocacy’s domestic and global distribution foot-print, invest in R&D and build out an industrial unit to enhance and streamline production. Autocracy has clocked a three-fold increase in revenue in past years and is well-positioned to achieve revenues of Rs 60 crore by the fiscal year 2025.
On the fundraise, Autocracy shared its vision: "We are driven by our commitment to India’s “Make in India'' and “Make for the World'' mantras by redefining heavy duty precision engineering in India with efficient, locally designed, and cost-effective machinery. Our overarching mission is to play a pivotal role in establishing India as a global manufacturing and innovation powerhouse."
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Commenting on this significant funding round, Dr. Apoorva Ranjan Sharma, co-founder at Venture Catalysts, underscored, "India's construction equipment industry has experienced rapid growth in recent years and is projected to reach a staggering $160 billion by 2027. Investing in Autocracy resonates deeply with our mission to support and promote the 'Make in India' initiative.
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