RACEnergy raises $1.3 million funding in A Seed+ Round
RACEnergy a Hyderabad based e-mobility start-up has announced that it has raised $1.3 million or ₹ 9.67 crores in funding in a Seed+ round led by Micelio Fund and growX ventures. The funds will be used for the battery swapping stations and swappable batteries manufacturing, R&D, fulfil the pre-orders received in Hyderabad and surrounding Tier-II cities. Read further to know more about RACEnergy raises $1.3 million funding.
RACEnergy raises $1.3 million funding
Arun Sreyas, CEO and Co-Founder, RACEnergy said, “Over the last three years, we have focused our efforts to develop the most advanced swapping technology, engineered for Indian vehicles and roads. As a tech-first company, the funds will enable us to make more ergonomic and customised batteries, further our connected cloud system, deploy the first-of-its-kind cooling system inside a battery pack, and accelerate our production process. This will help scale our pilot programs to meet the growing EV demand.”
RACEnergy has also received investments from Huddle, Prophetic Ventures, BITSian Angels, and other angel investment firms. Last year in 2020, the company had raised $500,000 or ₹ 3.72 crore during a seed round from growX ventures,Prophetic Ventures and other angels as part of Huddle.
Sheetal Bahl, Partner, growX ventures said, “We are happy to back RACE, yet again, on its path to becoming the pre-eminent battery swapping infrastructure creator in India. The company has made solid progress over the last couple of years and has remained sharply focused on developing a proprietary technology backbone. This will now allow RACE to build a superior and differentiated swapping network in the next couple of years.” On the other hand, Shreyas Shibulal, Founder & Director, Micelio Fund said, “RACE has developed one of the most advanced, sophisticated technology to enable swapping of batteries for electric vehicles. Our team at Micelio are impressed by the founders’ vision, knowledge, and execution capabilities.”
The RACEnergy was found to increase the adoption of electric mobility by using their affordable electric powertrains which perform better than ICE vehicles which are having several options such as safety, tracking, and security functions.
Ishaan Khosla, the Co-founder of RACEnergy and partner at Huddle said that “With the EV ecosystem in India being in its nascent stages, it’s challenging yet exciting to develop innovative India-specific solutions. We’re pumped to work closely with RACEnergy to make mass EV adoption a reality in the three-wheeler segment.”
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