Carnot Technologies: Revolutionizing Indian Agritech with Data-Driven Telematics and the "Krishi-e" Vision
What happens when a group of world-class engineers from the IIT Bombay Racing team decides to solve local problems instead of chasing global corporate roles? For Pushkar Limaye and his co-founders at Carnot Technologies, the answer lay in the high-stakes world of telematics. Initially launched to track consumer cars, Carnot eventually found its "Blue Ocean" in the dusty fields of rural India. Today, as a Mahindra & Mahindra group company, Carnot's technology powers the Krishi-e ecosystem, helping 1.5 million farmers improve their income by 30% through data-driven efficiency.
Limaye's journey is a masterclass in technical pivot and industrial empathy. From building India's first electric race car at Silverstone to living in Uttar Pradesh for eight months to understand tractor rental dynamics, Carnot has evolved from a "cool science experiment" into a robust platform that handles 200 million data points daily. By using telematics as a proxy for creditworthiness, Limaye is not just tracking machines—he is unlocking financial inclusion for Bharat's most essential workforce.
The "Accidental" Agritech Pivot
Carnot didn't start in the fields. Launched in 2015, the initial product was a car tracking device. But Limaye realized that the car market required distribution-heavy skills they lacked. A chance observation of electrical signal "noise" from a cab's aux cable led to a breakthrough: they could extract engine speed and load from any vehicle without sensors. This "hardware-light" approach was the perfect fit for tractors and led to their Strategic Partnership with Mahindra in 2018.
From Silverstone to the "Tin Sheets" of Noida
Pushkar Limaye's engineering spirit was forged in the IIT Bombay Racing team. Taking a formula-style race car to the UK, he realized the massive gap between theoretical engineering and global standards. "Engineering goes beyond theory," Limaye reflects. "It can be applied to anything in life." This experience forced him into leadership, managing a 60-person team and giving him the gumption to stay back in India and start up.
Starting Carnot in 2015 with co-founders Prathamesh Joshi and Rohan Vadgaonkar, the team initially focused on car telematics. Despite selling 12,000 units, they realized they were headed toward a "distribution bubble." After winning the Qualcomm Design in India Challenge, they gained the breathing room to explore deeper industrial partnerships, eventually catching the eye of Dr. Pawan Goenka at Mahindra & Mahindra.
"Owning a difficult problem and solving it after a lot of struggle is unmatchable. We went through absolute nightmares—almost shutting down twice—but the bond you make with your core team during those rides is what keeps you going."
Solving the "Meter-less" Tractor Economy
In India, 95% of farming land is tilled by rented tractors. For decades, this has been a non-transparent ecosystem plagued by disputes between farmers and tractor owners over billing hours and acreages. Carnot's flagship product, Krish-e Smart Kit, acts as the "taxi meter" for the farming world.
The Carnot Intelligence Engine
- Plug & Play Installation: A GPS device that can be installed on any tractor or harvester in under 15 minutes via a WhatsApp video call.
- Proprietary Algorithms: Cloud-based systems that can differentiate between when a tractor is on the "Farm" versus on the "Road," enabling accurate billing.
- Operational Transparency: Real-time tracking of engine speed, load, and fuel efficiency for vehicles that lack built-in sensors.
- Financing Proxy: Partnering with firms like Avanti Capital to use tractor usage data as a proxy for creditworthiness, enabling mortgage-free loans for diesel and drivers.
The "Validation" Metric: Trust Over Surveys
For Limaye, the only true validation for a startup is when a customer pays. Carnot's kit requires a ₹2,000 annual subscription to maintain the SIM card service. While the industry benchmark for subscription renewal is around 50%, Carnot has achieved a staggering 75-80% renewal rate. "There are people who have been on the platform for three to four years," Limaye notes with pride. "That is the deepest satisfaction for a founder."
This trust has allowed Carnot to scale its Krish-e ecosystem. Beyond tracking, they now provide crop advisory and digital plot monitoring through satellite imagery and AI. With 1.5 million downloads and a goal to deploy 10,000 units outside India (particularly in Africa) by FY24, Carnot is proving that Indian deep-tech can solve the problems of the global South.
Carnot Technologies: Impact at Scale (Jan 2026)
- Data Flow: Handling 200 Million data points every single day on the cloud.
- Geographic Reach: 33,000 active units in India and 3,000 in Africa.
- User Base: 1.5 Million farmers using Krish-e apps and services.
- Strategic Backing: 70% owned by Mahindra & Mahindra (M&M).
- Expansion: Target of 10,000 units exported globally by FY24.
Founder's Wisdom: Solving Local for Global
Reflecting on his journey, Limaye believes his early "lack of maturity" was actually a benefit, allowing him to jump into entrepreneurship with a sense of "giving back" to society. He credits his early survival to patient capital from investors like Kunal Shah and Sandeep Tandon, who understood that hardware startups require a longer runway and empathetic mentorship.
Pushkar's Guide for Deep-Tech Founders
Own the Problem: Don't just look for glamorous titles. Real success comes from owning a difficult problem and its entire messy solution.
Trust the Team: After a certain point, you work for your team. The bond with early employees is what helps you sustain through the high-low roller coaster.
Solve Local, Think Global: Carnot started by solving the billing problem in UP but found that the same technology is now needed by banks in Kenya and construction firms in South Africa.
The Future of "Krish-e"
With Mahindra's backing, Carnot is now preparing to disrupt the used tractor market with a tech-driven platform. As they continue to move from "blocks" to "individual farms" using high-resolution satellite data, the vision remains unshakeable: improve the productivity and efficiency of every Agri asset on the planet. For Pushkar Limaye, the race isn't at Silverstone anymore—it's in every furrow of Indian soil.
As Carnot continues to scale, it stands as a testament to the power of returning to one's roots and applying "hardcore engineering" to the world's oldest industry. In the world of agritech, Pushkar Limaye and his team are the ones ensuring that Bharat's farmers are no longer running blind.
About the Guest
Pushkar Limaye is the Co-founder and CTO of Carnot Technologies. An alumnus of **IIT Bombay** (Mechanical Engineering, 2013), Pushkar was a leading member of the IIT Bombay Racing team, where he built India's first electric race car. Since founding Carnot in 2015, he has been the technical architect behind its award-winning telematics platform. He is a recipient of the **Qualcomm Design in India** grant and is a recognized thought leader in IoT and agritech. He is passionate about using engineering to solve high-impact, local problems and has been instrumental in Carnot's successful acquisition by Mahindra & Mahindra.
Carnot Technologies is a leading full-stack agritech and telematics company based in Mumbai. Now a subsidiary of the Mahindra Group, Carnot specializes in IoT-driven solutions for agricultural machinery and car telematics. Their proprietary technology powers the "Krish-e" ecosystem, providing real-time tracking, fuel monitoring, and crop advisory to over 1.5 million farmers across India and Africa. The company is committed to improving farmer livelihoods through data-driven transparency and efficient asset management.