With total capital amounting to $6 million so far, the battery-swapping company plans to open a new facility with its pre-series A round fund
A leading deep-tech battery swapping company in India, RACEnergy recently announced that it secured $3 million in a pre-series A round as a mix of debt and equity. With the aim to revolutionise the electric mobility sector in India, the 2019-born company plans to develop its battery-swapping technology and build new facilities to support its operations. Led by growx Ventures with participation from notable investors like Micelio Mobility, Huddle, and other angel investors, the press note from RACEnergy noted that the funding round was held earlier this year.
Co-Founder of this EV-tech startup, Arun Sreyas commented the following on the fund-raise, “We are humbled by our investors’ confidence in our technology and its potential to drive the adoption of electric mobility across India. The capital will enable our expansion to new markets and further develop our swapping technology for two-and-three wheelers. It will also help scale our operations with a new facility in the pipeline.”
“As one of the first investors in RACEnergy, we are thoroughly impressed by RACEnergy’s expertise in deep-tech, their exceptional in-house battery pack and swapping station developments. With the recent clearance of AIS-156 Phase 2 certification and their successful commercial pilot that recorded an impressive 3 million green km, we are optimistic about their potential for exponential growth,” remarked Sheetal Bahl, Partner at growx Ventures.
Founded in 2019 by BITS Pilani alumni Arun Sreyas and Gautham Maheswaran, RACEnergy is a deep-tech electric vehicle infrastructure company focusing on expanding its network of battery swap stations in the country through its strategic national and state-level partnerships, including HPCL and Hala Mobility. The company claims to have recently cleared the AIS-156 Phase 2 certification for its swappable battery packs. A few months back, RACEnergy collaborated with Rapido to deploy electric autos in the country.
