Deep-tech battery swapping company, RACEnergy has secured $3 million in a Pre-Series A funding round as a mix of debt and equity.
The round was led by growx Ventures with participation from notable investors like Micelio Mobility, Huddle, and other angel investors, earlier this year.
With $6 million raised so far, including this raise of $3 million, RACEnergy is committed to developing its battery-swapping technology and building new facilities to support its growing operations.
“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,” said Arun Sreyas, co-founder, RACEnergy.
“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 kms, we are optimistic about their potential for exponential growth,” said Sheetal Bahl, partner, growx Ventures.
Founded in 2019 by Arun Sreyas and Gautham Maheswaran, RACEnergy is a deep-tech electric vehicle infrastructure company committed to revolutionizing the electric mobility sector in India through its state-of-the-art battery-swapping technology for electric two and three-wheelers.