Monarch Tractor, maker of the MK-V, the fully electric, driver-optional, smart tractor will expand its operations to Hyderabad, India. As a leader in electric autonomous tractors, Monarch Tractor will use the new market opportunity to enhance research and development efforts in the United States in addition to global supply chain support.
“This is a long awaited expansion that we have worked diligently to bring to life,” said Praveen Penmetsa, Co-Founder & CEO, Monarch Tractor. “Historically important to Monarch and our growth as a company, this additional base of operations serves as an opportunity for us to explore Monarch’s development at a global scale while staying close to our mission to transform farming and provide value to farmers. We look forward to this new start of our global journey in India as we continue to work towards making sustainable farming more accessible and attainable.”
Monarch’s journey first began in India as one of the prototypes for the first electric tractor was used in trials in India. Now, off the heels of Monarch’s release of their MK-V, the company is examining a potential for future models while also expanding its global footprint. As operations begin this month, Monarch is also hosting a recruiting drive to help staff its offices.
Launched to the public in 2020, Monarch Tractor substantially contributed to the agriculture industry with next generation EV technology and automation capabilities to meet farmers’ most pressing needs. To date, the company has captured the attention of the investment community, raising more than $110M including a $61M Series B round in 2021. The expansion to India builds upon the substantial marking Monarch Tractor has in the US, including membership in the NVIDIA Inception startup program, several strategic partnerships globally including CNH Industrial and V.S.T. Tillers Tractors, and a contract manufacturing agreement with Hon Hai Technology Group (“Foxconn”), the world’s largest electronic manufacturer, to build the MK-V and its battery packs at the Foxconn Ohio facility.
