Autocracy Machinery, a manufacturer of trenching, turf and construction machinery, has raised a $1.2 million in its seed round led by Venture Catalysts.
Nikhil and Bharat Jaisinghani, Meghna Agarwal, Abhishek Rungta, Srikanth Iyengar and Abhishek Modi along with HEM Angels, VC Grid and S Four capital have also participated in this round.
The funding will be used to expand Autocacy’s domestic and global distribution foot-print, invest in R&D and to enhance and streamline production, the company said in a press release.
Founded in 2020 by Santhoshi Buddhiraju and Laxman Vallakati, Autocracy’s solutions cater to multiple sectors such as agriculture, telecommunications, landscaping, irrigation, civil engineering and infrastructural development. Autocracy’s signature line of products include a suite of trenchers and lawn mowers.
The company claims that its machinery is three times more efficient and is priced to ensure accessibility for both farmers and contractors.
The Hyderabad-based startup claims to have clocked a three-fold increase in revenue in past years and aims to achieve Rs 60 crore in revenue by the fiscal year 2025.
Autocracy has also forayed into the international market with products exported to the Middle East and Africa.
Autocracy competes with the likes of iQuippo, 36Spares, Metal26, Handybook, RootTruss and Build24X7 among others in the B2B marketplace for construction machinery.
