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.
The funding will be used to expand Autocacy’s domestic and global distribution foot-print, invest in R&D and build out a state-of-the-art industrial unit to enhance and streamline production.
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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Autocracy’s signature line of products include a suite of trenchers and lawn mowers, complemented by an array of versatile host-vehicle agnostic attachments.
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. This expansion is fueled by a multitude of factors, including government-led infrastructure development initiatives, surges in foreign investments and the flourishing real estate sector. India is increasingly committed to reducing its reliance on expensive imported equipment. Investing in Autocracy resonates deeply with our mission to support and promote the 'Make in India' initiative."
Founded in 2020 by IITian Santhoshi Buddhiraju and serial entrepreneur Laxman Vallakati, Autocracy's cutting-edge solutions cater to multiple sectors such as agriculture, telecommunications, landscaping, irrigation, civil engineering and infrastructural development. Its pioneering machinery is three times more efficient and is priced to ensure accessibility for both farmers and contractors, enabling them to harness the power of technology for enhanced efficiency.
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.
Over the past 18 months Autocracy served a diverse clientele spanning industrial giants such as Sterlite, L&T, MEIL to individual farmers and contractors. Autocracy has also forayed into the International market with products exported to the Middle East and Africa.
With a dynamic team of 100 engineers, researchers and workforce, Autocracy is actively contributing to India's most ambitious fibre optic and water pipeline projects (Jal Jeevan Mission), enriching communities.
