[Funding alert] Electric vehicle mobility startup RACEnergy raises undisclosed seed funding from growX ventures, others
Electric mobility startup, RACEnergy on Thursday said that it has raised an undisclosed amount as part of its seed round led by growX ventures, Prophetic Ventures, and other prominent angels from the energy industry. Huddle’s EV Accelerator Programme, an Indian accelerator programme for EV specific startups, also participated as part of this round.
Founded in 2018 by BITS Pilani alumni Arun Sreyas and Gautham Maheswaran, RACEnergy develops cost-efficient battery swapping stations and swappable batteries for use in three-wheelers. The startup also builds high-performance powertrains for use in these vehicles.
Explaining about the startup, 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”.
According to the founders, RACEnergy was founded to accelerate the adoption of electric mobility with its affordable electric powertrains, that give better performance than its ICE counterparts and include several safety, tracking, and security functions.
Supporting the vision, Ishaan Khosla, Co-founder and Partner at Huddle, stated,
“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.”
As part of the acceleration programme at Huddle, the team will work closely with key stakeholders who are part of the accelerator's network, to build on its strategy and execution roadmap, and bring the RACEnergy model to market.
Commenting on their investment, Sheetal Bahl, Partner at growX ventures, added,
“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.”
Focussed predominantly on seed and Pre-Series A stages, growX has invested in over 30 companies which include startups like Fynd, Locus, Mad Street Den, and Zipolan, among others.
(Edited by Suman Singh)