Carnot: From Startup Struggles to Success, Pioneering Farming IoT Solutions with Mahindra Partnership

Carnot, a startup founded by three IIT-Bombay graduates, has overcome numerous challenges to become a major player in the farming industry. The journey began in Mumbai in May 2015 when the founders, Pushkar Limaye, Prathamesh Joshi, and Rohan Vadgaonkar, decided to leave their well-funded startup jobs due to dissatisfaction with the way the startup was being run. With a background in engineering and a passion for technology, they embarked on a hardware venture in the field of car telematics.

The initial phase was promising, with Carnot gaining traction in the urban car owners market. Their plug-and-play device for cars offered location tracking, trip history, and a gamification feature, attracting customers and even securing ICICI Lombard as a major client. However, the transition from software to hardware proved to be a nightmare as manufacturing issues and unforeseen challenges plagued the startup. With dwindling funds and no salaries for months, Carnot was on the verge of collapse.

In 2018, a turning point came when Mahindra & Mahindra (M&M), a leading automotive company, recognized the potential of Carnot's IoT solutions and made their first investment in the startup. Carnot pivoted to focus on tractor telematics and relocated to Lucknow to understand the needs of rural India. They discovered a significant problem faced by tractor rental entrepreneurs who lacked a system for charging fair prices. With this newfound knowledge, Carnot began building solutions specifically tailored to this market.

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Fast forward to June 2023, and Carnot's flagship products, Simha Kit and Krishi Diary, have been seamlessly integrated into Mahindra's farming ecosystem. With Mahindra increasing its stake to 69 percent, Carnot now drives the technology platform for Krish-e, M&M's farming-as-a-service (FaaS) vertical. Ramesh Ramachandran of M&M praises Carnot's world-class digital and technology capabilities and their ability to develop intuitive and affordable solutions for Bharat.

The co-founders of Carnot recall their early encounters with Pawan Goenka, the then-managing director of M&M, and their initial nervousness during the pitch. However, Goenka was impressed with Carnot's achievements, having won the prestigious 'Design in India' competition in 2017, and a mutual connection as fellow IIT alumni helped build a rapport. This led to Mahindra's investment and an eventual majority stake in Carnot, recognizing the startup's potential to develop and manage the full Krish-e stack.

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Reflecting on their journey, Pushkar Limaye emphasizes the importance of staying true to their vision and avoiding the mindless pursuit of valuation and funding. He also acknowledges the need to take care of oneself as a founder, acknowledging that self-care is essential for success.

Carnot's story serves as an inspiration to aspiring entrepreneurs, showcasing the resilience and determination required to overcome challenges and find success in the competitive startup landscape.

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