Trenching, turf and construction machinery maker Autocracy Machinery has secured a $1.2 million seed funding led by Venture Catalysts.
The funding will be used to expand domestic and global distribution footprint, invest in research and development and build out a state-of-the-art 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 ₹60 crore by FY-2025, the startup said on Monday in a release announcing the fund raise.
Marquee investors Nikhil and Bharat Jaisinghani (executive directors of Polycab India), 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 the funding round.
Founded in 2020 by IITian Santhoshi Buddhiraju and serial entrepreneur Laxman Vallakati, Autocracy’s solutions cater to multiple sectors such as agriculture, telecommunications, landscaping, irrigation, civil engineering and infrastructural development. Besides catering to diverse clientele, from well known firms such as Sterlite, L&T and MEIL to farmers and contractors, Autocracy has also forayed into international market with exports to the Middle East and Africa.