RACEnergy, an electric mobility startup, recently announced that it has raised an undisclosed amount in seed funding. The funding round saw participation from growX ventures and Prophetic Ventures among others. Huddle’s EV Accelerator Programme, also participated as part of this round.
RACEnergy was founded by BITS Pilani alumnus Arun Sreyas and Gautham Maheswaran. The company develops cost-efficient battery swapping stations and swappable batteries for use in three-wheelers.
As per the founders RACEnergy was founded to facilitate the adoption of electric mobility with its affordable electric powertrains, that give better performance than its ICE counterparts and include safety, tracking, and security functions.
Talking to media Arun Sreyas, Co-founder of RACEnergy, said, “We wanted to create a holistic solution to the chicken-or-egg problem that Indian EV market faces. We thoroughly studied the market and spoke to over 500 drivers to arrive at our solution. With our strong core team and deep understanding of end-user expectations, we are engineering our products to achieve the required performance while keeping them affordable and convenient to adopt and operate.”
growX ventures, the lead investor in RACEnergy has invested in over 30 companies which include Fynd, Locus, Mad Street Den, and Zipolan. The company focuses predominantly on seed and pre-series A stage funding round.
Commenting on their investment, Sheetal Bahl, Partner at growX said, “We like the team, and the approach they are taking to create the market for EVs – creating demand and supply hand-in-hand, and in a sharply defined segment as a precursor to a broader expansion. growX is glad to be part of this journey.”
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