Hyderabad, May 9, 2023 – RACEnergy, a leading deep-tech battery swapping company, announced today that it has raised $3 million in a pre-series A round as a mix of debt and equity. The funding 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. RACEnergy’s swappable battery technology meets the highest safety standards, having recently cleared the AIS-156 Phase 2 certification.
"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,” says Arun Sreyas, Co-Founder of RACEnergy.
Sheetal Bahl, Partner at growx Ventures, expressed his optimism about RACEnergy's prospects and technology, “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.”
Since its inception in 2019, RACEnergy has been leading the charge in India's electric mobility sector, focusing on developing cutting-edge technology in-house. The company's innovative approach to electric mobility addresses critical challenges such as the high cost of vehicles, long-charging times, and range anxiety. With a proven track record of completing 3 million green kilometres and enabling 500 swaps on its network daily, RACE is significantly impacting the EV space.
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